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EGB SUMMARY: There has been little in the way of net movement in EGBs this
morning and indeed the 10Y Bund yield change is almost nil. There is a small
rise in yields at the front end of the curve as investors have noted the
increase in marginal maturity calculations of aggregate ECB PSPP buying.
However, such calculations will have been upwardly distorted by heavy
redemptions in the month.
- The Iberian markets are making more headway than most, with Portuguese and
Spanish spreads to German each 2bp tighter on the session.
- Italian BTPs are also tightening to Germany but their big move was yesterday
and several have noted that Japanese data show small sales of BTPs from that
- The Austrian 2023 and 2047 auctions received a mixed market reaction. The 2047
was well-received but the off-the-run 2023 came in for a decent re-distribution
trade in the moments after the allocations came through.
- There was no economic data of note.