Slovakia outperforms but no clear reason why

Volumes in EGBs have been running at less than half of their recent levels today with the US out for the Thanksgiving holiday.

• Slovakia has seen the biggest move today with 10-year spreads to Bunds tightening over 5bp on a day when other spreads have widened marginally. There seems no obvious reason for this move that we have seen.
• The Accounts of the ECB meeting were released today. They showed that it was not unanimous that a commitment to recalibrate instruments in December, just "widely agreed: "While there was wide agreement on the need to signal the necessity of recalibrating the ECB's monetary policy instruments at the December monetary policy meeting, it was cautioned that the Governing Council should not pre-commit itself to specific policy actions."
• Bund futures are up 0.13 today at 175.46 with 10y Bund yields down -1.6bp at -0.584% and Schatz yields down -0.7bp at -0.763%.
• BTP futures are up 0.03 today at 151.35 with 10y yields down -0.7bp at 0.606% and 2y yields up 0.3bp at -0.409%.
• OAT futures are up 0.10 today at 170.08 with 10y yields down -1.1bp at -0.345% and 2y yields down -0.6bp at -0.693%.