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Nomura say that Portugal's 2-notch....>

EUROZONE VIEW
EUROZONE VIEW: Nomura say that Portugal's 2-notch sovereign credit rating
upgrade on Friday was most likely already priced in, but "expect a market
overreaction" and possibly see PGBs trading further through BTPS "in absence of
any positive news regarding Italian election". 
- "We expect some of the PGB rally to fade especially given prospect of a dual
PGB syndication in January and in the medium term expect more upgrades to Italy
(not yet priced) after the election and for the negative 10-yr PGB/BTP spread to
be temporary", Nomura add.

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