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Moving bull steeper

EGB FLOWS

Limited impact from the data today, with investors more focused on risk events (Brexit, Covid, Vaccine rollouts).

  • As expected a small pick up in Rolls this morning as desk wind down going into year end.
  • A third of the front month volume in Bund, BTP and OAT is spread related.
  • German curve is moving bull steeper on the margin, with better buying going through in Estoxx (VGZ0) keeping the longer end bond capped

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