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Safe Haven favoured

EGB SUMMARY
A busy session, and better volumes for EGBs, where safer haven was once again favoured.
  • Core Government Bonds have stayed bid and have extended earlier morning pullbacks, as equities fail to hold onto their gains.
  • Bund is still trading within yesterday's range at 177.74 (64 ticks up).
  • Main area of interest is still the 15/05 yield low at -0.565%, which has held this week. German 10yr yield is trading at -0.545% at the time of typing.
  • Peripheral, semi core followed Bund higher, but underperformed somewhat against the German 10yr, in turn pushing spreads slightly wider by 1bps against Greece (the worst performer).
  • Looking ahead, investor's attention turns to the US NFP tomorrow.
  • Bund futures are up 0.67 today at 177.77
  • BTP futures up 0.51 at 147.87
  • OAT futures up 0.60 at 169.28.
  • BTP futures are up 0.51 today at 147.87 with 10y yields down -3.8bp at 0.933%

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