A more subdued afternoon session in.....>

EGB SUMMARY: A more subdued afternoon session in terms of direction for EGBs

-Bunds have remained better offered on supplies this morning, and have continued

to trade in deep negative territory on the Risk On feel, with countries heading

on the re-opening path.

-The German curve has bear steepened, and peripherals have held onto their

gains. -Italy and Greece are 8.5 and 8 bps tighter on the day against the Bund. 

-Other peripherals have also outperformed the German 10 today, with Portugal and

Spain trading 7.5 and 5.2bps tighter. 

-We have seen a tiny start in the rolls, but first notice is still in June. And

big action and volumes were seen in US Treasuries and Gilts, which has helped

keep EGBs within the morning session's ranges. 

- Bund futures are down -0.91 today at 172.15 with 10y Bund yields up 6.6bp at

-0.430% and Schatz yields up 3.5bp at -0.653%. 

- BTP futures are up 0.32 today at 141.31 with 10y yields down -2.1bp at 1.551% 

- OAT futures are down -0.69 today at 167.16 with 10y yields up 5.4bp at 0.007%

and 2y yields up 2.5bp at -0.510%.