The net change in the Bund yield was....>

EGB SUMMARY: The net change in the Bund yield was a paltry +0.1bp to 0.294% but

that hid some quite significant price swings during in the day.

- In the morning, EGB weakness was mostly driven by supply. The Spanish auctions

had a decent enough bid but the French equivalent saw poor demand for the Green

OAT 2039 and followed on from a weak Bund auction on Thursday. Finally, the 30Y

Gilt auction was awful and Gilt weakness spilled over into the EGB market. 

- As the Eurex contracts hit their last trading moments, there was also another

sudden lurch lower in the Bund contract. 

- When US traders woke up prices of equities, bonds and (mostly) Bitcoin started

to rise and the Bund yield headed into the close almost unchanged.

- All through the day, the belly of the peripheral market led a strong

tightening in spreads to the core as value hunters stepped in after Wednesday's

widening. 

- 10Y Portugal tightened 5.5bp to almost another multi year low at 152.6bp. BTPs

tightened by 5bp to 138bp.

- Eonia has remained at elevated levels of -0.324%.