Following on from a dovishly............>

EGB SUMMARY: Following on from a dovishly interpreted FOMC statement, the Bund

contract opened 23 ticks higher and has built on those gains monotonically since

the open. Currently the contract is 56 cents higher than yesterday's close and

the 10Y Bund yield is 4.2bp lower at 0.519%.

- The curve is bull flattening and the 2Y Schatz is struggling to keep up with

only a 0.9bp yield decline this morning.

- German GfK consumer confidence inched higher to 10.8 from 10.6, which is now

the highest recorded level since the index began in 2005. 

- Later this morning at 0900BST, the ECB will release Eurozone M3 data. This has

been stuck at around 5% growth since early 2015 but lending numbers have inched

higher.

- Peripheral debt has largely followed the core markets and spreads are little

changed. The new Greek 4.375% Aug-22 is bid at a yield of 4.52% according to

Tradeweb and equivalent to around 45 cents above the re-offer price at issue.  

- There is no bond issuance today.