A range bound session for EGBs. ........>

EGB SUMMARY: A range bound session for EGBs. 

-Most of the action today has been in Equities today with Estoxx making 4 years

high. 

-Despite the move in Equities, we have seen very little correlation into Govies.

-Peripherals are tighter with the BTOP once again, this time outperforming the

German Bund, with the 10yr spreads 5.5bps tighter on the day. 

-BTP sell off of late, had plenty of investors scratching their heads, with the

most likely explanation put down to: Less dovish ECB, Italian banks to inject

fresh money into deposit guarantee, Issuance, Worries on less QE,  -Japanese

Investors Sell Most Italian Bonds in Over Two Years.

 Also, Uncertainty over Italy's fiscal position and caution about change in

leadership at the ECB, noted as possible reasons for Japanese investors.