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There's a clear lack of liquidity

BONDS
  • Another illiquid start for Govies and rates,
  • Bund trades in a 47 ticks wide, and this was achieved with less than 22k lots.
  • SONIA are up, albeit a touch off their highs, as Gilts opened lower, but have bounced since the open.
  • Volumes for the short term SONIA strip is on the low side, and mostly quoted 1 tick wide.
  • EM desk also report lower liquidity in their respective Bonds.
  • European volumes versus their 10 days averages, sees the likes of Bund running at 61%, Bobl 54%, BTP 48% and OAT at 60%

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