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EGB SUMMARY: There is a small bid to the longer ends of core markets today but
the sub-10Y area is almost unchanged. To be precise, the 10Y Bund yield is lower
by around 0.5bp at 0.45%.
- Peripheral markets are performing strongly although early gains in Portugal,
which saw the Bund-PGB spread decline 5bp, have been surrendered. Instead,
investors are buying Bonos & BTPs. In Italy, senior bank credit spreads
tightened upon news that a bond tranche that sits between Junior and Senior
tranches could be introduced to buffer senior debt holder in the event of a
bailout. However, Spanish debt is outperforming BTPs today.
- The Swiss franc fell sharply this morning as investors speculated that large
Swiss insurance companies would need dollars to pay for hurricane damage. This
has knock-on effects upon SNB purchases of EGBs but the impact was insignificant
- Within the semi-core Belgian debt is strongest after completing 94% of
issuance needs this year.
- The only decent data was from the ZEW, which came firmer than expected.