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Italy versus Germany 10s

  • BTP future sees a small outperformance versus Germany in early trade, now 2bps wider.
  • Plenty of questions on Friday regarding the BTP underperformance, and although nothing was too obvious, desks noted cash sellers interest, this combined with block seller in future.
  • Political risk was likely one of the possible driver, but the lack of liquidity is exacerbating moves.
  • BTP/Bund spread has so far found support just ahead of 203.57bps, now at 206.2bps.

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