30 Nov – 04 Dec 2015

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Yields finished the week rising on the back of offshore events, with short end rates rising marginally less than long end rates. As a result the yield curve steepened a fraction, reversing its recent flattening trend. The 3y/10y bond spread rose by 2bps to 80bps as 3 year yields moved up 8bps and 10 year bond yields moved up by 10bps. Since mid-August, the 3y/10y bond spread has generally ranged between 80bps and 90bps and this week moves the spread back within this range.

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