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Off Best Levels As NY Settles In

BONDS

U.S. participants seem happy to sell into this morning’s European- & UK-driven PMI bid in bonds, as core global FI markets pull away from best levels.

  • Hedging around the pricing of the Finnish & EFSF syndications may have provided a little bit of downside impetus.
  • Gilts remain the comfortable outperformer, albeit off best levels on the move in core global FI and with BoE pricing edging off dovish session extremes. UK cash benchmarks run 8-14bp richer on the day, with the front end still leading owing to the PMI-driven shift in BoE pricing.
  • German cash benchmarks are 6-8bp richer with the belly to intermediates leading. Once again, the space is off best levels with ECB-dated OIS moving back from dovish session extremes.
  • Cash Tsys run 3-5bp richer, with the belly leading there.
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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