Core and semi core stays better offered

EGBs have traded within this morning's ranges this afternoon.

• Bund and semi core are better offered, with curve steepening.
• But it has been a slow start of the week, with desk on the sideline, all awaiting for the ECB Thursday.
• Italian BTP leads to the downside, following the Treasury Mandating Banks for a 10yr Bond sale.
• EGB rolls are now mostly done, running circa 94% ahead of expiry tomorrow.
• Only speaker left is BoE's Breeden on greening the financial system, while in the US, State Secretary Blinken testifies to House Panel
• Sep Bund futures (RX) down 19 ticks at 171.75 (L: 171.65 / H: 172.03)
• Germany: The 2-Yr yield is up 0.8bps at -0.663%, 5-Yr is up 1.3bps at -0.585%, 10-Yr is up 1.3bps at -0.2%, and 30-Yr is up 0.9bps at 0.36%
• Sep BTP futures (IK) down 45 ticks at 150.29 (L: 150.15 / H: 150.8)
• Sep OAT futures (OA) down 19 ticks at 158.39 (L: 158.3 / H: 158.65)
• Italian BTP spread up 2.3bps at 110.9bps
• Spanish bond spread up 0.3bps at 66.8bps
• Portuguese PGB spread up 0.3bps at 66.5bps
• Greek bond spread down 0.1bps at 103.3bps