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Steepening interest

EURIBOR
  • Fairly subdued start for Govies and rates, looking at Euribor, there's better volume in the back end, and especially the December 2025.
  • Some of the volume is related to ERU5/ERZ5 spread seller at -2.5, it did settle there.
  • The spread keeps finding resistance at flat, a level not breached since last December, was the high in January and this Month.
  • The spread has traded in 2.2k outright this morning.

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