Bunds are little changed today with.....>

EGB SUMMARY: Bunds are little changed today with 10y peripheral spreads all

within a basis point of yesterday's close in what has been a quiet start to the

day for EGBs.

- The only key data release for the day was German industrial production which

was better than expected, rising 0.5% in March (exp -0.5%), although there was a

downward revision to Feb data. The Y/Y prints were substantially better than

expected although they did buck the recovery seen over the previous three

releases.

- The focus today will be on issuance with a Bobl auction and Portuguese 10y

auction with bill issuance from the ESM, Finland and Greece.

- Bund futures are down -0.02 today at 166.06 with 10y Bund yields up 0.3bp at

-0.36% and Schatz yields up 0.3bp at -0.608%.

- BTP futures are down -0.33 today at 130.05 with 10y yields down -0.6bp at

2.612% and 2y yields down -0.3bp at 0.501%.

- OAT futures are down -0.01 today at 162.56 with 10y yields up 0.3bp at 0.329%

and 2y yields up 0.3bp at -0.555%.