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Govvies have firmed this morning.......>

BOND SUMMARY: Govvies have firmed this morning with no obvious catalysts.
- UST yields are broadly 1-2bp lower on the day. Current cash yields: 2-year
1.609%, 5-year 1.651%, 10-year 1.821%, 30-year 2.262%. Focus this week is on
Wednesday's Fed meeting.
- Gilts have had a stronger start to the week with yields 3-4bp lower. Voting
for the general election gets underway on Thursday, with polls continuing to
point towards a Conservative majority. However, with traditional party
allegiances being disrupted by voter preferences towards Brexit, and given the
likelihood of widespread tactical voting, the vote remains difficult to call.
- Current German bund yields: 2-year -0.638%, 5-year -0.562%, 10-year -0.306%,
30-year 0.214%.
- Italian BTPs have been the big mover in Europe with yields 4-5bp lower and the
curve bull flattening. 2s10s is 3bp narrower.
- Ireland's National Treasury Management Agency announced that borrowing would
be lower in 2020 vs 2019 (E10-14bln vs E14-18bln).

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