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Modest Outperformance For Periphery, Spreads Little Changed

EGBS

EGB spreads to Bunds are little changed to start the week, trading within 1bp of Friday’s closing levels.

  • Very modest outperformance for most peripherals with an outright bid for duration providing some insulation against moves away from session highs in the major equity index futures.
  • IRISH 10s don’t see any meaningful outperformance following Moody’s Irish sovereign rating outlook tweak (to positive) after hours on Friday, tightening less than 1bp vs. Bunds.
  • The positive Irish fiscal story is well-documented, so markets have taken the news in their stride, with the news only providing modest tailwinds for Irish paper.
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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