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- German bunds have sold off through....>

EGB SUMMARY: - German bunds have sold off through the morning session, but the
curve is broadly unchanged. The benchmark 2-year bund yield has pushed up to
-0.579% from a low of -0.596% while the 10-year is up to 0.371% from 0.343%. Key
spread levels: 2s10s 94.1bps, 2s30s 161.5bps
- The French OAT curve has steepened with the 2s10s spread widening to 112.0bps
from 110.1bps and the 2s30s edging up to 201.6bps from 200.1bps.
- Italian BTPs have rallied, buoyed by indications that the government's budget
plans may be more sustainable than initially thought. The 2-year BTP trades at
1.002bps, down from 1.159%, while the spread over the comparable German bund has
narrowed to 158.5bps from 175.4bps.
- The front end of the Spanish curve continues to trade in a tight range while
the longer end has sold off 2-4bps.  
- The Euribor futures strip has steepened with whites up 0.5 ticks and blues
down 0.5-1.0 ticks.

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