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Core FI is trading on the lows in the...>

EGB SUMMARY
EGB SUMMARY: Core FI is trading on the lows in the most active day for European
syndicated issuance since January. In EGBs: Ireland, Spain and Greece have had
huge demand for new issuance, with Finland and Germany also announcing sales.
- Even with issue sizes being larger than expected, demand was overwhelming.
Against this backdrop, periphery spreads drifted wider.
- Spain's 20-Yr sale proceeds at EUR12bln (EUR78bln in books), Greece 10-Yr at
EUR3bln (EUR15.8bln in books), Ireland 10-Yr at EUR6bln (EUR69bln in books).
- That on top of Dutch and German auctions this morning.
- Weaker equities had been the driver of stronger Bund this morning, but we've
come off the low for Eurostoxx. ** Latest levels:
* Sep Bund futures (RX) up 1 ticks at 173.52 (L: 173.51 / H: 174.02)
* Germany: The 2-Yr yield is up 0.7bps at -0.612%, 5-Yr is up 0.9bps at -0.566%,
10-Yr is up 0.3bps at -0.316%, and 30-Yr is down 2.1bps at 0.184%.
* Sep BTP futures (IK) down 51 ticks at 141 (L: 141 / H: 141.64)
* Italy / German 10-Yr spread 7.5bps wider at 179.8bps
* Sep OAT futures (OA) down 17 ticks at 164.81 (L: 164.8 / H: 165.36)

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