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Germany’s shock announcement that it would increase defence and infrastructure spending by around €1trn roiled European bonds last week, triggering the steepest rise in 10-year Bund yields in decades.

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The IG primary yesterday saw six issues priced totaling US$4.6bn, lifting March IG supply to US$77.8bn, according to IFR data. The average IG new issue concession on Monday was 5.50bp and the average ...