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There was a strong start to trading.....>

EGB SUMMARY
EGB SUMMARY: There was a strong start to trading on Wednesday as the market
began looking forward to month-end asset rebalancing that will strongly favour
bonds over equities, bond index month-end duration extensions that are
supportive with a large 0.08Y rise in the Bloomberg-Barclays Euro Treasury
index. There is a E19.5bln redemption in Spain today and E22bln of BTPs
redeeming tomorrow.
- The small bond rally petered out and then the Eurozone CPI release came in
marginally above expectations on the headline at 1.3%Y/Y while core was in line
at 1.0%Y/Y.
- The strongest bid was reserved for the 30Y and the core and semi core 30Y
yields dropped at least 3.5bp. The German 10-30Y spread flattened to its
narrowest since Nov 2016.
- Peripheral debt is fairly stable. Greek paper has softened as the Finance
Minister said that there would be a new Greek bond in the very near future,
although this was not fresh news.
- the 2Y Schatz is -0.4bp at -0.534%, the 10Y -1bp at 0.674%.
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