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Greece and Italy went in opposite.......>

EGB SUMMARY
EGB SUMMARY: Greece and Italy went in opposite directions Monday.
- Greece 10-Yr spreads fell as far as 315.3bps v Bunds (down over 32bps) on news
of snap elections which could see the far-left Syriza party relinquish power.
- In contrast, BTPs sold off in the afternoon following BBG headlines citing an
unnamed official that the European Commission is could launch a disciplinary
process against Italy for failure to rein in debt. This process could begin on
June 5 and could lead to a 0.2% of GDP (E3.5bln).
- Greece last 27bps tighter to Italy at 53bps, the narrowest since 2009.
- Generally a positive day for core EGBs. Latest futures levels:
* Jun Bund futures (RX) up 37 ticks at 167.61 (L: 167.18 / H: 167.67)
* Jun BTP futures (IK) down 82 ticks at 130.27 (L: 130.22 / H: 131.38)
* Jun OAT futures (OA) up 28 ticks at 163.65 (L: 163.3 / H: 163.69)
- Current 10-Yr EGB Periphery Spreads to Bunds:
* Italy / German 10-Yr spread 8.6bps wider at 275.5bps
* Spain / German 10-Yr spread 0.4bps wider at 94.7bps
* Greece / German 10-Yr spread 18.8bps tighter at 329.1bps

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