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Selling seen in the 7Y area of the German.....>

BUNDS
BUNDS: Selling seen in the 7Y area of the German curve today and the 5-7Y spread
has hit new recent peaks this morning. For example, the Obl S176, 0% Oct-22 to
Bund 1% Aug-24 has reached 26.4bp, a new all-time high. Note that there is a
Bund auction close in 10 minutes and the spread between the RXZ7 CTD, the 0%
Aug-26 and the 10Y being sold, the Bund 0.5% Aug-27 is also back to highs.

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