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Gilt/Bund spread is wider in early trade

BONDS
  • So Gilts have opened lower than expected, and this translate to a early widening against the German 10yr, by just a 0.3bp so far.
  • Friday, we printed the widest levels since 2019, with a 116.3605 print, and we are at 116bps in early trade.
  • Further widening interest will target the 2019 peak and widest level since June 2016 at 121.0123

Chart source: Bloomberg

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