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More on Reinvestment Phase

EGB SUMMARY: - German bund yields have drifted higher through the session, with
underperformance at the long end steepening the curve. The 10-year bund yield
has traded up to 0.411% from a low of 0.385%, while the 30-year trades at 1.058%
from 1.035%. The 2s10s spread has widened to 99.0bps from a low of 97.3bps,
while the 2s30s has increased to 163.4bps from 161.9bps.
- French OATs have similarly sold off across the curve. The 2-year OAT yield has
edged up to -0.405% from a low of -0.419% and the 10-year is up to 0.732% from
- Italian BTPs have paired back some of the earlier losses and the curve has
steepened. The 2s30s spread trades at 264.7bps from 259.5bps at the open.
- The Spanish curve has been flat on the day. Some movement in the 2-year, with
the yield pushing up to -0.305% from -0.318% at 1500BST. 
- The Euribor futures strip has steepened with whites through blues down 0.5-1.0
- The data calendar is light for the rest of the week. Spain industrial
production on Wednesday, French industrial production data on Friday.