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EGBs have bounced off session lows in...>

EGB SUMMARY
EGB SUMMARY: EGBs have bounced off session lows in last 40 minutes of trade but
remain heavily weighed by overnight easing in geo-political tensions and better
than expected Eurozone flash PMI data. German 10-yr yield last 3.8bp higher at
0.629% vs intra-day high of 0.638% and is leading the rest of the curve higher.
- Eurozone Flash PMI's point to stable economic growth rather that one that is
starting to fade lower. Eurozone composite PMI remained steady at 55.2 in April,
higher than the 54.8 expected by the Bloomberg survey as both French and German
service activity picked up.
- EMU periphery bonds are fairing modestly better than Germany with 10-yr
Bund/BTP spread 3.2bp tighter, while Bund/GGB is 4.5bp tighter as Greek banks
pass latest stress tests without having to raise new capital.
- Belgium allotted maximum E3.4bln in 5-yr, 10-yr, 30-yr and 40-yr Olos which
has underpinned recovery in core/semi-core Bunds. Later in the week sees Italy,
German and Finland come to the Eurozone bond issuance market tomorrow than Italy
returns on Friday leading to around E20bln worth of issuance.
- Euribor strip is steady/lower with curve steeper as markets look ahead to ECB
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