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UST Long-End Underperforming.

BONDS

The very long-end of the UST curve is still under some pressure with the generic 30-year yield touching 2.1138 and up 3bp on the day. TYU1 similarly printing near the session lows as the Europe session kicks off. EGBs are trading weaker from the open with very marginal underperformance for bunds. As mentioned earlier, Germany will offer GBP2.5bn of the 0% May-36 bund, which will be easily absorbed.

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