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No single catalyst for BTP underperformance....>

BTPS
BTPS: No single catalyst for BTP underperformance today (10-Yr BTPs 2.8bps wider
of Bunds at 136.4bps, and underperforming periphery). Maybe a little
follow-through from buyback announcement yest evening, though spread / Bunds
really only widened after 11am GMT today (Commission's projections on IT
debt/deficit rising came out at 10am so probably not major catalyst)
- Decent EGB supply this morning in 10-Yr segment (OAT E5.2bln, Obli E1.0bln)
probably weighing, with 10-Yr BTPs weakest on the curve. Bund and BTP overall
weakness on risk-on tone though that is on the obvious side.

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