EGBs are fairly directionless so far....>

EGB SUMMARY: EGBs are fairly directionless so far Wednesday, with potential

catalysts awaited in U.S. data this afternoon and the ECB meeting Thursday.

- Jun 19 Bund future is up 22 ticks at 163.18, having largely drifted within a

range (163.06 low - 163.49 high).

- Curve bull flattening, with 2-Yr German yields down 0.1bps at -0.504%, 5-Yr is

down 1bps at -0.289%, 10-Yr is down 1.4bps at 0.154%.

- Periphery EGBs trading flatt-ish for the most part; Italy, Portugal, Spain

spreads roughly unchanged vs Bunds.

- Greece yields continue to tick up amid 10-Yr issuance earlier this week;

spread vs Bunds 3.6bps wider at 357.8bps.

- Our preview of Thursday`s ECB meeting went out this morning (get in touch if

you`d like to see it). Baseline outlook is that ECB signals but does not launch

new TLTROs, downgrades 2019 forecasts, no change to f`wd guidance.

- Most attention on US data and speakers, including ADP payrolls at 1315GMT.