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Today`s U.S. holiday and limited.......>

BOND SUMMARY
BOND SUMMARY: Today`s U.S. holiday and limited data have kept a lid on European
trading today, with events later this week (Davos, ECB, PMIs) more keenly eyed.
- Core FI trading a little heavy so far (Bunds lower, Gilts have pared early
gains), uncorrelated with equities which are also trading a little weaker.
- Moody's chose not to update Portugal's credit rating on Friday (current rating
Baa3; outlook positive). Little immediate impact.
- Slovakia kicks off EGB issuance for the week today; Germany, France, Spain
also selling this week, est total E34.9bln in auction proceeds.
- Latest levels:
* Mar Bund futures (RX) down 2 ticks at 171.59 (L: 171.52 / H: 171.76)
* Mar Gilt futures (G) up 10 ticks at 133.55 (L: 133.5 / H: 133.73)
* Mar BTP futures (IK) up 30 ticks at 143.13 (L: 142.79 / H: 143.17)
* Italy / German 10-Yr spread 2.1bps tighter at 157bps

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