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Gilts/Bund spread tightest since 11/02

  • With *Gilts making an attempt at the session high, a continuation post BoE, after Haldane dissented for reduction in QE but no one joined him.
  • Further short covering going through.
  • Following the move, Gilt/Bund spread move to 2.8bps tighter, and lowest level since 11/02.
  • Further tightening will have desk looking at the 90.72bps area next (09/02 low)

Chart source: Bloomberg

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