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- German bunds have sold off from the...>

EGB SUMMARY
EGB SUMMARY: - German bunds have sold off from the open, led by the longer end.
The benchmark 10-year bund trades at 0.379% from a low of 0.365% while the 2s10s
spread has widened to 96.2bps from 94.4bps.
- French OATS have similarly sold off across the curve with the 2-year yield
pushing up to -0.445% from -0.458% and the 10-year yield trading at 0.775% from
0.7597%. The curve has steepened with the 2s10s spread trading up to 120.9bps
from 119.7bps and the 2s30s edging up to 213.6bps from 212.9bps.
- The rally in Italian BTPs after the open quickly fizzled out, with yields
following core EGBs higher. The 2-year BTP trades at 1.328% and has given back
the early gains made after the open.
- The belly of the Spanish curve has underperformed the broader sell off with
the 5-year benchmark trading at 0.604% up from 0.590%.
- The Euribor futures strip has steepened slightly with whites flat to 0.5 ticks
higher and reds-blues up 0.5-1.0 ticks.

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