A raft of macro data had little.........>

EGB SUMMARY: A raft of macro data had little overall impact this morning on

EGBs, whose direction remains slightly weaker following Monday's sell-off.

Eurozone Q1 GDP came in line with expectations, contrasting with a miss in

Germany (0.3% Q/Q vs 0.4% expected), though German ZEW came out in line.

- Core EGBs a little softer. Jun18 Bund futures with a few sharp moves but

within a 23 tick range between 157.94-158.17, last down 9 ticks at 158.05.

- A bit of curve steepening across the board with the long end particularly

under pressure and the short end largely steady. Germany 2s10s wider by 0.6bps

to 117.3bps, with 10s30s widening even more, 0.7bps to 66.8bps.

- The Euribor strip is a little steeper, with some buying in whites seen this

morning, but greens and blues resuming Monday`s drop, down 0.5-to-1.5 ticks.

- Italian spreads tighter despite continued ambiguity about government formation

and a large block sale of EKM8s this morning. 10Y BTP yield down 0.4bps to

1.925%, with the spread over Bunds lower by 1.5bps at 130.3bps.

- The moves have been mixed elsewhere in the periphery, though, with Portugal

widening by 0.6bps and Spain compressing 1.2bps.