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EGB SUMMARY: Yields across EGBs have drifted lower this morning.
- The benchmark 2-year German bund yield has traded down to -0.678% from -0.674%
at the open, while the 10-year trades at 0.322% from 0.339% over the same
period. The curve has flattened slightly during the session with the 2s10s
spread narrowing to 99.1bps from 99.7bps at the open.
- While the short end of the French OAT curve rallied during the early morning
and subsequently gave back a lot of the gains, the longer end has tracked
steadily lower. The 2-year OAT yield trades at -0.453%, down from 0.451% while
the 10-year yield has edged down to 0.716% from 0.736%.
- Intraday yield shifts in Italian BTPs continue to dwarf core EGBs. The
benchmark 2-year BTP yield has experienced a peak-to-trough 13bps move and
currently trades at 0.925%. The curve has steepened significantly during the
morning with the 2s10s spread widening to 188.7% from a low of 179.6bps.
- The EURIBOR futures strip is broadly unchanged on the morning. Reds have
nudged down 0.5 ticks.