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Worth pointing out that while the Bund-Tsy.....>

EGBS
EGBS: Worth pointing out that while the Bund-Tsy spread is 232.5bp, once the
currency hedge is incorporated, a US Tsy offers Euribor 3m - 28bp, which is only
17.7bp cheaper than the Bund. With the Japanese fiscal year end/start
approaching we wrote that the relative cheapness of OATs to Treasuries when the
currency swap is included might accelerate a switch to EGBs.

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