A mixed and rather directionless.......>

BOND SUMMARY: A mixed and rather directionless morning for European bonds so

far, with the U.S. out on holiday. German CPI data in focus.

- Gilts sold off initially on O/N MRP poll showing Conservatives set to win

majority handily, then moved higher amid global move to risk-off / Bunds higher

on weak Saxony CPI. Gilts last flat after round-tripping lower.

- Italy supply of up to E5.75bln this morning includes BTP/CCTEu.

- ECB speakers today include de Cos, Coeure, Lane. Latest levels:

* Dec Bund futures (RX) up 3 ticks at 171.38 (L: 171.3 / H: 171.6)

* Germany: The 2-Yr yield is down 0.1bps at -0.634%, 5-Yr is down 0.3bps at

-0.593%, 10-Yr is down 0.1bps at -0.373%, and 30-Yr is down 0.7bps at 0.135%.

* Mar Gilt futures (G) up 5 ticks at 133.07 (L: 132.89 / H: 133.22)

* UK: The 2-Yr yield is up 0.4bps at 0.516%, 5-Yr is up 0.9bps at 0.488%, 10-Yr

is down 0.4bps at 0.671%, and 30-Yr is down 0.3bps at 1.225%.

* Dec BTP futures (IK) up 30 ticks at 141.62 (L: 141.52 / H: 141.7)

* Italy / German 10-Yr spread 0.9bps tighter at 157bps

* Dec OAT futures (OA) up 12 ticks at 167.88 (L: 167.76 / H: 168.03)