Core bonds have been on the front.......>

EGB SUMMARY: Core bonds have been on the front food in general today and Bunds

have been no exception. Risk-off has largely been driven by the Argentinian

election and subsequent large peso sell-off as well as the Hong Kong protests.

- BTPs have had a rather volatile day. A strong opening on the back of Fitch

maintaining Italy's BBB rating after-hours on Friday has given way towards the

end of the day. Di Maio has now said that 5-Star does want elections and that

the party is not seeking a PD deal. Elections seem to remain on course for the

second half of October.

- Other peripheral spreads have been mixed today with Greek spreads widening but

Spain and Portugal tightening.

- Bund futures are up 0.30 today at 177.46 with 10y Bund yields down -1.8bp at

-0.596% and Schatz yields down -1.2bp at -0.883%.

- BTP futures are up 0.99 today at 138.03 with 10y yields down -8.2bp at 1.722%

and 2y yields down -8.8bp at 0.254%.

- OAT futures are up 0.29 today at 168.63 with 10y yields down -1.8bp at -0.288%

and 2y yields down -1.5bp at -0.782%.