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Still digesting the Pfizer vaccine news

BOND SUMMARY

It has been a generally risk-positive morning session with equities higher and core bonds lower across the board as markets continue to digest yesterday's positive news regarding the Pfizer vaccine.

  • Treasuries and gilts have remained within yesterday's range while Bund futures have broken through yesterday's low and are currently flirting with the 100-dma which comes in at 174.24 ahead of support from the Oct 8/7 lows at 174.04/93.
  • The EC has come back to the market today to issue another EUR14bln of the EU SURE bonds - EUR8bln of the 5-year and EUR6bln of the 30-year with huge books. This puts total issuance from the EU SURE programme at EUR31bln since its launch three weeks ago.
  • There has been little unique movement in gilts after yesterday's vote against the controversial elements of the Internal Market bill.
  • TY1 futures are up 0-2 today at 137-20+ with 10y UST yields up 1.4bp at 0.938% and 2y yields up 0.4bp at 0.178%.
  • Bund futures are down -0.14 today at 174.22 with 10y Bund yields up 1.2bp at -0.499% and Schatz yields up 0.3bp at -0.732%.
  • Gilt futures are up 0.03 today at 134.30 with 10y yields up 0.7bp at 0.378% and 2y yields up 0.9bp at -0.4%.
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