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Rates Spark: Issuance pressure remains on the increase
EUR rates levels and curves managed to retrace somewhat on Wednesday with fewer headlines out of Germany to drive the market, but attention turned towards tariffs. It still remains a decoupling theme in the sense that US rates have taken the opposite direction on Wednesday, allowing the 10y UST/Bund spread to climb above 140bp again. Germany will remain the big driver in the background for EUR rates, though. Parliament will convene in a special session for the first reading regarding the defence and infrastructure plans. This is a first debate of the proposal by the SPD and CDU/CSU, but also of the initiatives by the ... (full story)