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Ticking lower

BONDS
  • EGBs drag Gilt lower, but mostly trades in line with its European counterpart, translated in just a 0.4bp tighter Gilt/Bund spread.
  • Underperformance in the longer end tilts the UK 5s/30s bear steeper, but still short of yesterday's high.
  • Small support in Bund moves up to 154.99.
  • Tnotes drifts towards flat as the US starts to come in.

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