EGBs are steady early Tuesday, with.....>

EGB SUMMARY: EGBs are steady early Tuesday, with key issuance underway.

- France selling 25th May 2050 OAT (Guidance @ OAT 2% 2048 +10bps

area), Cyprus 15-Yr benchmark syndication as well.

- French 30-Yr a little tighter to Germany (in 0.5bps at 81bps).

- A bit of movement in Bunds this morning but futures basically flat overall.

Mar 19 Bund future is up 5 ticks at 166.41.

- Mkt source noted first good-sized early Bund futures roll blocked earlier

(around 0732GMT), 10k RXH9-RXM9 at 2.565.

- EGB periphery trading a little tighter to Bunds but generally steady; 10-Yr

Italy, Spain, Portugal, and Greece all in 0.5-0.9bps vs 10-Yr Bund yields (which

are themselves down 0.3bps at 0.107%).

- Data focus on German ZEW survey due at 1000GMT. Also, ECB's Praet, de Guindos

& Costa all due to speak.

- Reminder that Praet Monday said the ECB could adapt its rate guidance if the

EZ economy slows sharply, and in ref to TLTROs, "in March we will make an

assessment of the current and expected state of bank transmission."