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Spreads are all tighter vs Germany

BONDS
  • All developed spread are tighter against Germany, besides Ireland that sits 2.9bps sider.
  • Looking at the Tnotes/Bund spread, market is 10.4bps tighter given the divergence between Treasuries and Germany.
  • The Spread sees support at 119.08bps, now at 121.5bps.
  • This was the March low and the tightest print since the start of February.

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