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Core EGBs maintained their risk-on......>

EGB SUMMARY
EGB SUMMARY: Core EGBs maintained their risk-on tone from Monday and are largely
steady early Tuesday, while Italian BTPs look weak.
- German Bund Sep8 future is up 4 ticks at 162.68, up from the low of 122.96.
Initial relief over global trade in the wake of Monday's NAFTA nnouncements has
faded somewhat.
- Italian BTP yields continue to rise, with 5-Yr and 10-Yr approaching post-May
crisis highs. 5-Yr yield up 6.7bps at 2.471%, 10-Yr up 4.1bps at 3.1965%.
- Spreads vs Bunds a little wider, by 2.6bps for the 10-Yr at 280.9bps; Spain's
10-Yr vs Bund is out 0.9bps at 104.3bps, and the Portugal 10-Yr is out 0.9bps at
146.7bps.
- Euribor futures are steady.
- Issuance is in focus, with Italy selling E1.25-1.75bln in CTZ today.
Additionally, Finland is reportedly selling E3bln in 10-Yr RFGBs this week
through a syndication deal. Austria expected to announce terms of the September
4 auction this morning as well.
- ECB's Praet participating in a panel discussion in Germany at 1100GMT/1200BST.
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