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A fairly subdued afternoon session......>

EGB SUMMARY
EGB SUMMARY: A fairly subdued afternoon session.
-EGB prices have remained elevated during our London afternoon session.
-We haven't seen much correlation with Equities, which are also better bid
today.
-German curve has flattened in 2s/10s and 10s/30s, and a touch steeper in 2/5s.
-In Option space, Bund Vol was better offered this morning and is still lower at
the time of typing.
-RXX9 ATM 4.34 vs market open 4.57 ATM straddle -11.5 ticks
-BTP have traded in a limited range, with lower turnover/volatility today.-
- Bund futures are down -0.02 today at 173.35 with BTP futures down -0.10 at
145.00 and OAT futures down -0.11 at 169.41.

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