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Giuseppe Maraffino at Barclays sees "risks.....>

EGBS
EGBS: Giuseppe Maraffino at Barclays sees "risks skewed towards some temporary
richening of core GC rates in the very near terms due to the usual technical
factors at quarter end". However, the timing of Easter break may exacerbate this
richening. Looking forward to April, Maraffino sees the negative net EGB supply
in the month also possibly adding richening pressure.
- This richening in repo should be seen in the context of some cheapening lately
in core overnight GC repo rates (German moved up to -0.52%) as Euro system
central banks were more active in the securities lending programme and an
increase in dealer balance sheet dedicated to repo activity.

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