A busy open, but dust is now...........>

BOND SUMMARY: A busy open, but dust is now settling down. 

-Treasuries were hit in decent size around 07.15GMT, pushing EGBs lower in its

path. -Despite being unconfirmed, there was some talk of a selling program, out

of Govies and into Equities. 

- Looking at price action and the small bounce off the lows (for Govies), and

off the high (for Equities), order related or sell program could have been the

reason. But of course very difficult to confirm. 

-Treasuries were hit in decent size across the long end strip, TYA in over 65k,

FVA in 3k, USA in over 1k. 

-Bunds have already traded in fairly decent size circa 30k in the first 30 mins

of trading. -S&P were lifted in 10k and NQA in 2k. -Back to EGB's and

peripherals, with the focus on Italy once again. -Italy/Germany 10 yr spread is

1.8bps tighter at 154.4. 

-Looking ahead, nothing on the data front today. 

-Some desk might look at Fed's Mester Speaking at University of Maryland this

afternoon.