Gilts: +0.06

US Tsy: +0.08

EGBs: +0.13 (includes the French syndicated deal, no other estimations)

After 3 consecutive months of duration contraction, UK sees some duration extension mostly driven by the syndication of the new 25y benchmark for £6.50bn

US extension is pretty typical for a non-refunding month and compares with a 0.07y extension last January

Good duration extension in Germany (+0.15y) but second biggest drop in weight (-0.21%), driven by the drop of the €22.5bn 10y Bund Jan22 from the index. France is the main beneficiary this month, with sizeable extension of 0.26y and the second biggest increase in the weight index (0.21%), following the syndication of the new 50y OAT benchmark for €7bn. Italy sees remarkable duration extension of 0.13y accompanied by also the biggest index weight increase (+0.22%), following the syndication of the new 16y BTP for €10bn. Spain sees huge duration extension of 0.23y, but noticeable index weight decrease of -0.14%, following the drop of around €23bn 10y SPGB Jan22 from the index and the syndication of the new 10y benchmark for €10bn