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Spreads Widen Post-ECB Announcement

BTP

BTP spreads move wider, 10Y was about 215bp to Bunds prior to the ECB's announcement, rose to 222bp (still 20bp tighter on the day).

  • A little disappointment in the lack of detail / "we're working on it" from the ECB, but also a big element of "buy the rumour, sell the news" in the price action.

BTP/Bund Spread IntradaySource: BBG

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