EGBs have broadly opened stronger.......>

EGB SUMMARY: EGBs have broadly opened stronger this morning. 

- German bund yields are 1-2bp lower from Friday's close, while outperformance

at the longer-end has caused the curve to flatten. 2s10s and 2s30s have narrowed

2bp.

- The French OAT curve is similarly ~2bp flatter.

- This morning's Spanish PMIs for April came in below expectations (Services

53.1 vs 55.1 survey; Composite 52.9 vs 54.5 survey). Spanish yields were

marginally higher immediately after the release.

-  BTPs have opened on a weaker footing, defying the broader regional theme.

Current yield levels: 2-year 0.444%, 5-year 1.435%, 10-year 2.572%, 30-year

3.566%.

- Latest futures levels:

* Jun Bund futures (RX) up 20 ticks at 165.45 (L: 165.41 / H: 165.86)

* Jun BTP futures (IK) down 19 ticks at 130.50 (L: 130.24 / H: 130.60)

* Jun OAT futures (OA) up 15 ticks at 162.20 (L: 162.15 / H: 162.34)