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Spanish debt is under pressure this morning,...>

EGBS
EGBS: Spanish debt is under pressure this morning, continuing the theme from
yesterday. The IBEX is little changed this morning and there is no obvious fresh
news behind the movement. Today's yield rises are headlined by the carry heavy
belly of the yield curve (4-7Y).
- Open interest data from the Bonos futures contract showed yet another big drop
(for Tuesday) as the price of the future rose over half a point. Open interest
was down 9% in the week to Tuesday as the market rally looked like a
capitulation of shorts, which has likely run its course. 

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