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- The German bund curve has flattened...>

EGB SUMMARY
EGB SUMMARY: - The German bund curve has flattened since mid-morning. The 2s10s
spread has narrowed to 97.7bps from a high of 98.4bps while the 2s30s has fallen
to 162.2bps from 163.0bps. 
- French yields have pushed higher from the open, but have paired back slightly
since mid-morning. The benchmark 2-year OAT yield trades at -0.410% down from a
high of -0.407% and the 10-year yield has edged down to 0.719% from 0.725%.
- Italian BTPs have rallied. The 2-year BTP yield has dropped to 0.910% from a
high of 0.971% and near the lows of the day. Outperformance at the short end has
caused the curve to steep with 2s10s trading up to 195.3bps from a low of
191.11bps.
- Mirroring Italy, Spanish bonds have rallied during the morning session. 2-year
yields have traded down to -0.320% from a high of -0.309%, the 5-year is down to
0.366% from 0.370% and the 10-year is down to 1.387% from 1.403%.
- The EURIBOR futures strip has steepened slightly with greens/blues down 0.5
ticks.

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