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Market participants complain about......>

EGB SUMMARY
EGB SUMMARY: Market participants complain about the lack of volumes today. More
interest on the Bund contract with small orders kicking the contract around
fairly easily. The Bund contract rose quickly from the open to a high of 163.69
and participants reacted to Marco Rubio holding out on the tax package over
child tax credits.
- The move peaked and fell away rapidly and so the 10Y Bund yield is now only
1.8bp lower today at 0.298%.
- Hearing of some insurance buying in the 10Y+ sector of the French curve this
morning. 
- Peripheral markets are failing to keep pace with core markets while the market
is reflecting the risk-off equity market move from late yesterday.
- The Bund-BTP spread is heaviest and the 10Y spread to Germany is 2bp wider at
a smidgeon below 150bp.
- There is a E13bln Schatz redemption today but no supply and the data calendar
is second/tier for bonds.

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