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BTPs to underperform other peripheral bonds

We think that safe-haven flows will keep government bond yields across the euro-zone’s “core” low this year. And, we wouldn’t be surprised if yields in Germany even turned negative as they did in 2016, when global growth jitters led to a bout of risk aversion. In this Update we discuss the implications of low “core” yields on bonds in the euro-zone’s “periphery”.

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