Anne Karina Asbjorn at.........>

MONTH-END EXTENSIONS: Anne Karina Asbjorn at Nomura has crunched the numbers for

the European month-end extension and sees a +0.07Y rise in the 1Y+ index, "lower

than he average iBoxx extension of +0.11 years in January 2010-17. The extension

primarily benefits Netherlands and Germany, followed by Spain"

- Portugal was included within the index for the first time and sees a 0.09Y

extension but this pales next to the 0.33Y in the Netherlands, 0.16Y in Germany

and 0.11Y in Spain.

- Looking into EGB cash flows in February in EGBs. Nomura calculates that

coupons and redemptions fall from 105.4bln in January to E62.4bln in February.

- The syndicated pipeline could see "a new 30yr from Ireland, which could come

as early as next week. Beyond that we expect a new 30yr SPGB (Feb), 15yr RFGB

(Mar), 15-20yr Green OLO (Mar), 10yr DSL (Mar) and a 15yr OAT via auction. This

should take the DV01 to a similar amount as previous years."