A fairly directionless day for EGBs.....>

EGB SUMMARY: A fairly directionless day for EGBs Monday, with Bund futures still

up but at the middle of the day's range.

- Sep Bund futures (RX) up 31 ticks  at 172.38 (L: 172.02 / H: 172.59) rising

early but fading as the U.S. markets came in.

- Our Positioning Indicator out earlier suggests significant structural long

Bund futures positioning, see bullet out 14:15 06/24 BST (also on email).

- Italian spreads gave up earlier tightening on optimism Rome wouldn't receive

an EDP verdict this week. 10-Yr BTP last 0.3bps tighter to Bunds.

- Greece 10-Yr spreads hitting a fresh post-2010 tight, in 9.5bps at 272.9bps.

- Sep OAT futures (OA) up 37 ticks at 164.42 (L: 164.14 / H: 164.59)

- A pretty quiet day for data, with the German Ifo figure in the morning not

having much of a lasting impact. French sentiment indicators are Tuesday's data

highlight, very much 2nd tier. 

- A bit of short-end supply as well, with Italian CTZ and Schatz on sale Tues.

- ECB speakers Tuesday include de Guindos (early, at 0815UK) and later on,

Coeure (1815UK).