- German bunds have broadly rallied.....>

EGB SUMMARY: - German bunds have broadly rallied during the day with the curve

flattening on the back of the longer end outperforming. The 10-year benchmark

trades at a yield of 0.448% down from 0.467%, while the 2s10s has narrowed to

103.1bps from a high of 104.9bps.

- French OAT yields have drifted lower across the curve. The 2-year yield has

edged down to -0.403% from a high of -0.395% while the 10-year is down to 0.819%

from 0.831%.

- The morning sell off in Italian BTPs subsided by midday, with yields near the

highs of the day. The curve is still steeper on the day with the 2s10s spread

trading up to 245.1bps from a low of 242.0bps.

- The short end of the Spanish curve has sold off steadily throughout the

session while the longer end rallied from 0915 with yields now close to the

middle of the day's range.

- Euribor futures are flat to 0.5 ticks lower.