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Spain vs Germany

BUNDS
  • Despite the bounce off the lows in Bund, with the 10yr Yield back below 1%, Spanish 10yr yield prints another multi year high, highest since September 2015.
  • Spain and Portugal are now above the UK 10yr yield.
  • Spain/Bund spread test immediate resistance (widest) at 104.23, the 50% retrace of the 2020/2021 tightening, now testing 105bps.

Chart source: MNI/Bloomberg

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