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EGBs have suffered alongside US.........>

EGB SUMMARY: EGBs have suffered alongside US Treasuries and global bond markets
as the threat from the Korean peninsular subsides. Bunds are also suffering from
a lack of liquidity as many trading centres are on holiday because of Assumption
- Italian BTPs have come under particular attention in the past hour and the 15Y
BTP is currently 5.5bp higher alongside the Bund-BTP 10Y spread widening 1bp to
- There has been no economic data and no bill or bond supply. 
- The German Constitutional Court referred a decision on the legality of the
ECB's QE programme to the ECJ although the limited lifespan of the QE programme
means that by the time the ECJ considers the case, there will not be much QE
that needs doing. However, the report said there were questions of whether PSPP
is compatible with the ban on monetary budget financing.
- The Bund yield is currently 3.5bp higher at 0.44%. 

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