Core EGBs have consolidated early.......>

EGB SUMMARY: Core EGBs have consolidated early gains but are otherwise

directionless, with Greece again outperforming the EGB space Monday.

- Jun 19 Bund futures are up 18 ticks at 165.85, off 165.98 high around 0700CET.

RX jumped overnight amid a bit of risk-off (including Brexit developments).

- 2-Yr German yield is down 0.1bps at -0.601%, 5-Yr is down 0.7bps at -0.43%,

10-Yr is down 0.7bps at -0.033%, and 30-Yr is down 0.5bps at 0.616%.

- 10-Yr Greek bonds vs Bunds spread is down 1.5bps at 372.4bps, on continued

positive headline risk. BBG sources have reported that the Greek government is

exploring the possibility of repaying some of its IMF aid ahead of schedule.

- Elsewhere, Italian 10-Yr spreads are 2.4bps wider to Bunds, Portugal likewise

wider by 0.2bps, while Spain is 0.7bps narrower.

- ECB's Villeroy warned that No-Deal Brexit was not yet priced in.

- ECB's Praet was scheduled to make comments at Goethe University in Frankfurt

(0900CET) but we have not seen anything published.

- Quiet on data front; main focus for today will be UK government's reaction to

Monday night's Brexit vote stalemate, with Cabinet meeting.