EGBs are trading largely flat early.....>

EGB SUMMARY: EGBs are trading largely flat early Tuesday on a day featuring

fairly heavy issuance/syndication and some PMI data. 

- The Mar 19 Bund future is up 7 ticks at 165.35, trading in a 15-tick range so

far. The 2-Yr yield is unchanged at -0.57%, 10-Yr is down 0.2bps at 0.175%.

- Some January Svcs/Composite PMIs out this morning incl Germany and Eurozone

finals; earlier, Spain Services beat expectations at 54.7 vs 53.0 survey and

54.0 in Dec, though the New Business Index fell to a 2-yr low of 53.0.

- Mar 19 BTP futures up 10 ticks at 127.99 with 2-Yr yield up 2bps at 0.438% and

10-Yr is up 0.7bps at 2.741% (spread vs Bunds up 0.8bps at 256.5bps).

- Spain, Portugal, Greece spreads fairly flat vs Bunds also.

- French OAT spreads maintain tight range vs Bunds, with 10-Yr remaining around

40bps outside.

- Lots of issuance today in Euroland, including Germany selling Apr-27 and

Apr-46 BundEi, Finland syndication of new 10-Yr Sep-29 RFGB benchmark for E3bln,

EIB syndication of 5-Yr May-24 EARN for E3bln.

- No ECB speakers scheduled for today.