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Portugal/Bund near 50bps

BUNDS
  • Better early tightening against the German 10yr, and Italy is in the lead by 2.4bps.
  • The peripheral spread to watch is Portugal/Bund looking to test the 50bps mark, and tightest since mid October.
  • Support comes at the October low at 49.6572, followed by the BIG one and January low at 48.453bps.
  • The latter is the tightest level since November 2009.

Chart source: Bloomberg

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