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EGB SUMMARY: Periphery EGBs finished Friday close to the week`s lows and Bunds
finished slightly off their highs, as markets contemplated a busy event schedule
next week that will include a potentially crucial ECB meeting.
- Sep8 Bund futures rose 80 ticks to 160.44, amid bull flattening on the curve.
- Greek debt recovered significantly in the afternoon, but is still weaker
following news this morning about a withheld ESM E1bln tranche that sent the 10Y
spread over Bunds up 26bps to 443bps, last back down to 424bps.
- Italy was the second-worst EGB performer, with the 10-year yield up 2.7bps at
3.089%, and the spread vs Germany out 6.7bps at 264bps. Spain and Portugal were
out just 2.0bps and 3.6bps, respectively.
- Long-dated Euribor was bid Friday, after selling off sharply on Wed-Thu amid
speculation that the ECB would turn more hawkish on QE at the June 14 meeting.
Blue contracts are up 4.5-5.0 ticks.
- Apart from the ECB, markets will be closely tuned in the coming week to the G7
meeting this weekend (esp on the US trade front), the UK parliamentary vote on
Brexit and the Trump-Kim summit on Tuesday, and the Fed meeting on Wednesday.