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EGBs are trading modestly lower.........>

EGB SUMMARY
EGB SUMMARY: EGBs are trading modestly lower across the board ahead of European
close with the exception of the 2-yr in Italy, Spain and the Netherlands, as the
middle to long end comes under renewed selling pressure as geo-political
tensions eased and Eurozone flash PMI's came in better than expected. German
10-yr bund yield is 3.9bp higher at 0.629%, with 2s/10s 3bp steeper and 10s/30s
0.6bp flatter.
- There was some heaving selling in the June Bund future at the start of the
afternoon session, (5,325 & 6,177 RXM8 block sells @ 157.71), however, there was
solid support and Bunds recovered losses quickly before nudging lower after
upbeat US existing home sales.
- Portugal has suddenly come under some selling pressure with the 10-yr Bund/PGB
spread now 1.6bp wider having been up to 3bp tighter at one point today. This
has weighed on Spain and Italy in last hour of trade but they are holding onto
slight gains for now with Bund/BTP spread 1.5bp tighter.
- Belgium Tapped 5-yr, 10-yr, 30-yr and 40-yr Olos for E3.4bln earlier, while
Italy will announce details of their medium/long-term BTP auction tonight.
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