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EGBs have edged higher at start of ECB.........>

EGBS: EGBs have edged higher at start of ECB Thursday taking cue from a steady
session in US Treasury's overnight and likely underpinned by tick lower in
German GfK May consumer confidence. German 10-yr Bund yield last 1.3bp lower at
0.62% while the yield curve is little changed.
- Main event today with be the ECB monetary policy decision at 1245BST followed
by the press conference at 1330BST. Markets are not expecting there to be any
new announcements on policy, however, attention will be on any comments that
could prepare them for possible changes to come in either June or July and the
ECBs take on latest economic data which has appeared on the soft side of
- EMU periphery are holding their own for now with 10-yr spreads to German
little changed despite news that the EU is looking to raise the he maximum cap
on the EU budget, creating a buffer.
- Once again there is no Eurozone bond issuance today, with Italy next scheduled
to come to the market on Friday.

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