Bunds have been fairly rangebound.......>

EGB SUMMARY: Bunds have been fairly rangebound most of the day with little in

the way of catalyzing a decisive move, as we await a counter-proposal to the

Franco-German EUR500bln recovery plan to be presented by Austria, Denmark,

Sweden, and the Netherlands (BBG reported that it would be after 1500CET).

- Periphery EGB spreads mixed, with Italy underperforming (10-Yr 1.6bps wider of

Bunds), Greece heading the pack (6bps tighter to Bunds).

- A modest improvement in Eurozone consumer confidence data out this afternoon

seen as lockdowns have eased, from -22.7 in April to -18.8 in May.

- Decent France/German auctions this morning.

- With Thursday being a holiday across much of Europe, trading is likely to be

thinner than usual (though Eurex is still open). ** Latest levels:

* Jun Bund futures (RX) down 5 ticks at 172.65 (L: 172.51 / H: 172.93)

* Jun BTP futures (IK) down 15 ticks at 140.05 (L: 139.64 / H: 140.27)

* Jun OAT futures (OA) up 16 ticks at 167.66 (L: 167.24 / H: 167.78)

* Italy / German 10-Yr spread 1.6bps wider at 211.5bps