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The 10Y German Bund yield opened........>

EGB SUMMARY
EGB SUMMARY: The 10Y German Bund yield opened marginally higher this morning and
is currently trading at 0.41%, a rise of 0.7bp.
- It appears that the rift between the Catalan regional government and the
Spanish government is beginning to worsen. In a letter to Spanish PM Rajoy the
Catalan President defended the region's claim to independence and did not
provide a clear answer to PM Rajoy's question of whether he had declared
independence or not. However, the impact upon the Bund-Bonos spread is almost
nil on Monday.
- The projections from the Austrian elections appears to point to a possible
alliance between Sebastian Kurz's, People's Party and the Far-Right Freedom
party. As a direct consequence of a Far-Right Party possibly entering
government, Austrian debt is the poorest performer in Europe, albeit only
widening by 0.3bp to the Germany 10Y today.
- The front end of Italy is seeing buyers in early trading, turning the sector
into the best performer.
- Later, Slovakia sells E100mln each of 0% Nov-23 and 1.375% Jan-27.

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