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SAGBs Bull Flatten -37-41bp w/w as Risk Sentiment Picks Up

  • SAGBs open firmly on the front foot this morning as positive risk sentiment filters through from the APAC session.
  • 10-30Y yields stand -10-11.7bp lower in early trading, having fallen -17-18bp in yesterday’s risk-on session as Ukraine talks showed signs of progress.
  • Last night’s 25bp hike from the Fed has also seen LT UST yields falling this morning – supporting the move lower in SAGBS as the US curve flattens.
  • SAGBs have outperformed w/w with the curve -37-41bp bull flatter in 10-30Y yields – retracing a large portion of the risk-off fallout from Russia’s invasion of Ukraine.
  • 10Y next support seen at 9.80 & 10.40 in the 30Y.
  • SAGB curve w/w

MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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