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Forex Flash: Rates watch – Greece gets an upgrade, Italy issues 30y for first time since 2009 – Deutsche Bank

FXstreet.com (Barcelona) - Yesterday was a decent day for Treasuries despite the performance of equities. The 10-year and 30- yield both rallied by about 4bp to set the benchmarks at 1.935% and 3.156% at the end of the US session.

Elsewhere in the rates space, Italy issued its first 30yr bond since 2009, helping the country term out the average maturity of its debt, which had fallen to 6.5 years as of April. According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “The auction raised €6.0B on an order book in excess of €12.0B and means that Italy has met close to 50% of its funding needs for 2013.”

In addition, Greek 10yr yields fell 48bp yesterday (8.6%), to their lowest level in almost three years after Fitch upgraded the sovereign to B- from CCC on Tuesday.

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