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Political risk remains the dominant....>

BOND SUMMARY
BOND SUMMARY: Political risk remains the dominant theme following an Iranian
missile attack on US military bases in Iraq. The timing of a Boeing 737 crash in
Tehran has triggered suspicion on the potential causes. 
- USTs have rallied this morning with cash yields 1-3bp lower. The curve has
flattened slightly.
- UK PM Boris Johnson is hosting EC President Ursula von der Leyen today in
Downing Street and will reportedly state that the UK wants a free trade
agreement that is not based on the UK aligning with EU rules and regulations.
Gilts are a touch firmer.
- A new 10-year bund issue will be auctioned at 1030GMT for E5.0bln. Bunds are
trading close to unch on the day. Current yield levels: 2-year -0.634%, 5-year
-0.558%, 10-year -0.251%, 30-year 0.2598%.   
- French OATS trade mixed with the curve close to flat.
- The data calendar is light for the rest of the day with the highlight being US
MBA mortgage applications and the ADP employment report.  

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