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Core EGBs have drifted lower while......>

EGB SUMMARY
EGB SUMMARY: Core EGBs have drifted lower while periphery spreads are a little
tighter Monday, with the ECB`s annual symposium in Sintra opening tonight.
- Seen some steepening in the German curve, with 2-Yr yield is up 0.4bps at
-0.689%, 5-Yr is up 0.5bps at -0.597%, 10-Yr is up 1.5bps at -0.24%, and 30-Yr
is up 3.2bps at 0.353%.
- Italian 10-Yr spreads to Bunds 3.6bps tighter, Spain/Portugal/Greece a little
tighter as well (1bps or less).
- Arguably the story of the day has been in a huge jump in open interest in
active Eurex contracts on Friday based on data released today, with RXU9 jumping
by 150k (nearly 10% rise). Not yet seen an explanation.
- Little impact so far from ECB headlines, Coeure and de Cos largely repeating
same lines. Euribor fairly steady, down 0.5-1.5 ticks across the strip.
- Draghi speaks this evening (1800 UK). Latest futures prices:
* Sep Bund futures (RX) down 27 ticks  at 171.51 (L: 171.42 / H: 171.75)
* Sep BTP futures (IK) up 21 ticks  at 132.07 (L: 131.67 / H: 132.28)
* Sep OAT futures (OA) down 24 ticks  at 163.31 (L: 163.23 / H: 163.62)

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