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Peripherals Generally Tighter, Greece The Exception

EGBS

Peripherals generally remain a little tighter vs. Bunds on the day (at the 10-Year point), even with EGBs moving off best levels as part of a wider core FI dip.

  • Decent demand at this morning's 10-Year green Bund auction did little when it came to promoting any tangible Bund outperformance, with the downtick in ECB-dated OIS and this morning's run of Eurozone data dominating, although the move in OIS has since moderated, allowing peripheral spreads to edge away from session tights.
  • BTPs are the outperformer on the session, narrowing by ~2bp vs. Bunds.
  • Meanwhile GGBs have failed to latch on to comments from the Greek PM, made yesterday evening, which pointed to expedited reform and early repayment of 2 years of Eurozone bailout funds as the country looks to attain IG status. GGBS are ~0.5bp wider vs. Bunds at the 10-Year point.
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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