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EGB SUMMARY: It has been a quiet session in EGBs with tight trading throughout
the day.
- German bund yields have inched higher and the curve has flattened slightly.
The 2s30s spread has narrowed to 149.3bps from an afternoon high of 150.4bps and
nearing yesterday's close.
- French OATs have sold off since the open and the curve has steepened, again in
a very tight range. Current yields: 2-year -0.446%, 10-year 0.729%, 30-year
- Italian BTPs have traded sideways for most of the day with yields recently
pushing back up towards the highs of the day. The 10-year benchmark has
underperformed the curve, with the yield up 1.9bp on the day.
- The long-end of the Spanish curve has rallied slightly with the yield pressing
down to 1.398% from a high of 1.419%.
- Euribor futures are broadly trading flat to 1.0 ticks higher.  

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