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There has been very little direction....>

EGB SUMMARY: There has been very little direction in the EGB market on Thursday,
ahead of the long weekend. Heading towards the close, the Schatz yield is +0.1bp
lower at -0.602% and the 10Y yield is -0.5bp at 0.498%. Volumes have been modest
- There was a small rise in longer dated EGB bond prices as the month-end
extension flow has begun to whirr into action in the late afternoon.
- There have been a number of data releases that have been largely ignored
including another strong German jobs report. German march HICP printed a tenth
below consensus at 1.5%Y/Y, but still representing a rise from February's
- Peripheral paper was fairly well bid all through the session and in the
afternoon there was a rare BTP future fly: IKM8 May 136.5/135.5/135 put fly
paper pays 7 on 4k. The Bund-PGB spread hit yet another 8 year low of 112.8bp. 
- US economic market went largely unnoticed by EGBs on Thursday, only the MNI
Chicago PMI release provided data that were away from consensus (below).

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