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Spreads are tighter

BONDS
  • Treasuries, BTP and OAT futures are still outperforming against Germany, keeping their 10yr spreads tighter in early trade.
  • Looking at the BTP/Bund spread, support moves up to 177.87bps, followed by the March low at 173.66bps (also the tightest print since 18th Jan), now trading at 181.4bps.

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