EGBs have been on the front foot this...>

EGB SUMMARY: EGBs have been on the front foot this morning with Bunds

outperforming both Treasuries and gilts, and peripherals outperforming Bunds.

- The German ZEW disappointed this morning while Eurozone trade data was better

than expected, but largely on disappointing imports.

- The main event in the Eurozone today will be the EU parliament's vote on

Ursula von der Leyen as European Commission President, with voting due to start

at 17:00BST. Most commentary seems to suggest that although it is likely she is

confirmed, it is not a forgone conclusion. If she is not confirmed, it could

derail the horsetrading over other EU top jobs including Lagarde's nomination as

ECB President.

- Bund futures are up 0.19 today at 172.52 with 10y Bund yields down -1.1bp at

-0.265% and Schatz yields down -0.2bp at -0.742%.

- BTP futures are up 0.56 today at 139.21 with 10y yields down -5.8bp at 1.588%

and 2y yields down -5.2bp at -0.59%.

- OAT futures are up 0.33 today at 164.97 with 10y yields down -2.4bp at -0.14%

and 2y yields down -0.8bp at -0.682%.