BTPs have steadied their early losses...>

EGB SUMMARY: BTPs have steadied their early losses this morning as other EGBs

have broadly grinded lower throughout the afternoon. 

- The Mar 19 BTP future is down 47 ticks at 127.25, having traded in a range of

126.96-127.77 today.

- The belly of the BTP cash curve has sold off the most today with the 2-Yr

yield up 7bps at 0.499%, 5-Yr up 5.1bps at 1.819%, 10-Yr up 4.5bps at 2.783%,

and 30-Yr up 0.2bps at 3.539%.

- The Mar 19 Bund future is down 17 ticks at 163.39, having traded in a range of

163.28-163.54 today.

- Bund 2-Yr yield is down 0.8bps at -0.607%, 5-Yr up 0.4bps at -0.299%, 10-Yr up

1.9bps at 0.247%, and 30-Yr up 2.5bps at 0.859%. 

- Elsewhere in Europe the lower Bund has seen periphery EGB 10-yr yield spreads

Vs Bunds fall slightly. 

- Spread of 10-Yr Spanish bonds vs Bunds is is down 0.7213bps at 114bps.

- Spread of 10-Yr Portuguese PGBs vs Bunds is is down 0.5bps at 142.2bps.

- No eurozone data now till Spanish retail sales on Dec 27.