Core EGBs have traded without...........>

EGB SUMMARY: Core EGBs have traded without decisive direction Tuesday, with

Italy outperforming the rest of the EGB periphery.

- The Jun 19 Bund future is down 7 ticks at 165.59, off intraday low of 165.45.

Most of the German curve is steady: 2-Yr yield is up 1.1bps at -0.556%, 5-Yr up

1.1bps at -0.388%, 10-Yr up 1.2bps at -0.016%, and 30-Yr up 0.3bps at 0.583%.

- BTPs have faded early gains but remain higher; Jun19 futures up 16 ticks at

129.50 (high of 129.61). 5-Yr leading the rally on the cash curve, yield down

4.3bps at 1.473%.

- Otherwise, periphery spreads trading largely flat (Spain, Portugal, Greece 10s

are plus or minus 1bps vs Bunds).

- French spreads likewise; 10-Yr OAT trading 0.7bps tighter to Bunds at 37.3bps.

- A smattering of issuance/supply news Tuesday, including Ireland announcing

placement of E300mln of new Apr-45 IGB linker and Portugal announcing a bond

exchange offer (buying Apr-21 PGB, selling Feb-30 PGB) for Wednesday 1000GMT.

- Massive day for ECB speakers Wednesday, with Draghi, Nowotny, Praet, de

Guindos, Mersch, and Villeroy all on the docket.