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Holding Cheaper

EGBS

The cheapening bias remains evident, with the major German cash benchmarks running 3-5bp cheaper as the belly/intermediates lead the way lower, while Bund futures hover a touch above worst levels of the day, last -50 or so. Core/semi-core curves generally exhibit similar patterns, with the same holding true for peripherals. Spreads vs. 10-Year Bunds are little changed across the core/semi-core space, while peripherals are biased a touch wider, aided by the general direction of travel of outright markets and an uptick in ECB-dated OIS.

  • Impending French & Spanish supply applies some background pressure, while moves in Gilts and Tsys are also factoring in.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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