VIEW: Mizuho note that "with near-term.........>

EGBS: VIEW: Mizuho note that "with near-term resistance broken, we see 10Y

BTP/Bund tightening in towards 160bps, while the ultimate resolution of the MFF

& joint-fund should be sufficient to send it deeper into the pre-COVID range.

Meanwhile, we still see good value across the Spanish curve , and particularly

in replacing OAT positioning with Bonos where feasible. In duration, our

expectation is for cheapening and steepening to be the trend next week, although

we would not expect it to go too far in this regard, given the amount of

liquidity out there and the negative geopolitical backdrop. Instead, we would

reaffirm our view that long duration positions should gain well in the

longer-term, and still provide a good complement to spread tighteners. Therefore

we would consider the expected weakness as an opportunity to re-enter

long-duration at more attractive levels."