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EGB SUMMARY: Several EGBs dropped to record-low yields Wednesday as ECB Pres
Draghi appeared to open the door to near-term easing.
- While bonds are off best levels, core EGBs are in record negative yielding
territory, with 10-Yr Bunds hitting -0.325%. German belly outperforming: 2-Yr
yield down 6.8bps at -0.757%, 5-Yr down 7.9bps at -0.68%, 10-Yr down 7.1bps at
-0.315%, 30-Yr down 6.9bps at 0.275%.
- 10-Yr French OATs and Austrian RAGBs touched negative yields for the first
time in their history. 10-Yr BTP spread/Bunds fell 18bps at one point.
- Some of the substantial gains from Draghi's comments on potential stimulus if
outlook doesn't improve were mitigated by comments around 1330UK by ex-ECB Chief
Econ Praet warning `shouldn`t exaggerate today`s market reaction`.
- Also news of a call between US and China Presidents restored risk appetite.
- Euribor up 6-9 ticks. Latest EGB futures prices:
* Sep Bund futures (RX) up 112 ticks at 172.68 (L: 171.51 / H: 172.84)
* Sep BTP futures (IK) up 210 ticks at 134.25 (L: 132.1 / H: 134.72)
* Sep OAT futures (OA) up 132 ticks at 164.68 (L: 163.42 / H: 164.87)