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Forex Flash: Peripheral European bond markets are firm - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that peripheral European bonds are firm today with Italian continuing to outperform Spanish.

Further, they add that the 10-year spread has moved almost 15 bp in Italy's favor over the past five sessions. Elsewhere, Greek bonds also are recovering for the second session after falling for the previous seven. They feel that it looks like the Cyprus turmoil and the negative political developments in Italy did not curb appetite for Spanish debt. They write, “Spain sold EUR4.51 bln of bonds, higher than the EUR4.0 bln target. It sold bonds maturing in 2015, 2018 and 2023. For the latter, the average yield was 4.898% vs. 4.917% at auction on March 7, but the bid-to-cover was lower, at 1.89 vs. 2.27 in the last auction. The generic 10-year Spanish yield was 6 bp lower going into the auction, at 4.971%, and remains so after the auction.”

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