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Underpinned on the cash open

BUNDS
  • Bund is once again better bid on the cash open, as Europe comes in.
  • Immediate focus is on 175.72, the printed high yesterday.
  • The 10yr yield initial support at -0.401% has held so far, as we printed a -0.402% low yesterday.
  • The Gap in yield is from -401%/-0.422%.
  • German 5/30s is off yesterday's low at 72.168, now at 73.11, which are still the lowest (Flattest) levels since 12/02.
  • Today sees no tier 1 data, while speakers just includes ECB Villeroy.
  • We also get ECB survey of Bank lending.
  • SUPPLIES: UK 2071 £1.25bn (Equates to 57.5k Gilts), and German EU4bn 7yr (equates to 19k Bund, or 47.8k Bobl)

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