/EGBs-GILTS: It's due to be a quiet....>

BOND SUMMARY: /EGBs-GILTS: It's due to be a quiet morning for data/speakers, but

issuance is very much in the limelight with no fewer than four syndications and

two auctions taking place today.

- UK Oct-50 Gilt syndication is underway, on top of EUR sales from Greece

(10-Yr), Ireland (10-Yr) and Spain (20-Yr). In auctions, we get the Netherlands

selling E1-3bln of Jul-30 DSL and Germany tapping Nov-27 bund for E3bln.

- More broadly there has been a risk-off move stemming from geopolitics (Korean

peninsula), with stocks tumbling in the early going though in some respects it's

a case of equities taking a breather after a very strong run.

- Core FI higher (and bull flattening in curves), periphery spreads wider.

- No data of note today; ECB's Rehn at 0900BST is the only speaker.

** Latest levels:

* Sep Bund futures (RX) up 33 ticks at 173.84 (L: 173.56 / H: 173.87)

* Sep Gilt futures (G) up 34 ticks at 135.86 (L: 135.58 / H: 135.87)

* Sep BTP futures (IK) down 22 ticks at 141.29 (L: 141.2 / H: 141.64)

* Italy / German 10-Yr spread 6.8bps wider at 179.1bps