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Not surprisingly, the recent move higher in....>

EGBS
EGBS: Not surprisingly, the recent move higher in EGBs is being led by the Bund
future. Indeed, looking into the micro movements, we see that the 10Y Bund 0.5%
Aug-27 is mildly underperforming surrounding bonds, perhaps as non-fast money
takes some profits on the move.
- We hear than cash volumes remain fairly subdued even in this largish move. 
- The widening in Bund-EGB spreads is fairly limited but the corporate supply
(mainly BAT) and this risk-off move should perhaps have widened spread more.
However, it has been stressed to us that this is very much futures driven. 

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