EGBs have broadly rallied through the...>

EGB SUMMARY: EGBs have broadly rallied through the morning. 

- German bunds have had a choppy morning session, but little overall change. The

benchmark 10-year bund trades at 0.388%, up from a low of 0.379% and trading

near the highs of the day. The curve is little changed since the open with the

2s10s spread trading at 99.3bps.

- French government bonds have rallied since the open, but have pulled back

since mid morning. The 10-year OAT yield trades at 0.688% up from a low of

0.678% but below the open level of 0.6899%. Direction is clearer at the short

end with 2-year yields trading down to -0.433% from a high of -0.425%.

- The benchmark Italian 10-year BTP yield has pushed down to 2.644% from a high

of 2.681%, while the 30-year yield has similarly fallen to 3.470% from 3.494%.

Italian breakevens have edged higher with eh 5-year trade trading up to 0.964%

from a lof of 0.939%.

- The EURIBOR futures strip has flattened with reds through blues up 0.5-1.0

ticks.