After a quiet Asian session, Bunds......>

EGB SUMMARY: After a quiet Asian session, Bunds fell around the time of the

European open. Bunds have since recovered and now trade only a little weaker on

the day.

- The Austrian election that was called over the weekend has been a talking

point in the market with a poll in the Osterreich newspaper seeing the People's

Party at 38% (up 4pp), Socialists at 26% (up 1pp) and the far right populist

Freedom Party at 18% (down 5pp). Austrian 10y spreads to Bunds were little

changed this morning, in line with other semi-core 

- There is little on the data calendar today and apart from Slovakia which has

already sold bonds, there is only bill issuance due today. The data highlight

for the week will be the flash PMIs and IFO on Thursday while European elections

due in the second half of the week and into the weekend will be closely watched.

- Bund futures are down -0.06 today at 167.00 with 10y Bund yields up 0.3bp at

-0.102% and Schatz yields up 0.3bp at -0.649%.

- BTP futures are down -0.01 today at 129.76 with 10y yields up 1.0bp at 2.668%

and 2y yields up 2.2bp at 0.612%.