Core EGBs are broadly flat despite a....>

EGB SUMMARY: Core EGBs are broadly flat despite a Brexit-related roller coaster

ride over the course of Tuesday.

- The Jun 19 Bund future is up 1 tick at 164.54, with the intraday low of 163.92

posted mid-morning when it looked like UK Parliament would pass a Brexit

Withdrawal deal - reversed fully when it became clear there was minimal chance.

- Periphery EGBs saw choppy price action most of the day.

- Jun19 BTP futures last up 12 ticks at 128.74.

- 10-Yr BTP/Bund spread down 1.1bps, with Spain and Portugal out 2.6bps. 

- ECB's Praet commenting this afternoon in an online Q&A, not much notable: that

the positive effects of negative rates outweigh the side effects, and that the

ECB is 'en route to reaching inflation target'.

- Reuters reported that ECB unlikely to decide on TLTROs before June; a

committee proposed a 25bps TLTRO premium but gov. council said was too high.

- Euribor futures completely flat across the strip.

- Brexit vote at 1900GMT unlikely to surprise, some market reaction possible

depending on how badly it is lost by the government.