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Invoice spreads for the.................>

BUNDS/CURVE
BUNDS/CURVE: Invoice spreads for the Schatz/Obl/Bund/Buxl futures have been
outperforming swaps over the past week although not today. The Obl/Bund/Buxl
reached new 2017 highs last Friday but the Schatz lagged noticeably. 
- It could be argued that the German swap spreads have been influenced by the
USD libor ascent and that the overspill is greater for higher maturity German
contracts. 
- However, today there have been a number of Schatz invoice spreads being done
that might be playing a catch up in the swap spread widening with the other
contracts.

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