- German bunds have had a choppy........>

EGB SUMMARY: - German bunds have had a choppy session with no clear direction.

The benchmark 2-year bund has traded within a -0.520/-0.505% range while the

10-year has traded within a 0.518%/0.542% range. The curve is steeper on the day

with the 2s10s spread trading up to 103.6bps from a low of 101.4bps.

- There has been little change in the French OAT curve since the morning

session. The 2-year currently trades at a yield of -0.333% and the 10-year at

0.851%.

- Italian BTPs have sold off since late morning. The benchmark 2-year BTP yield

has pushed up to 0.828% from a low of 0.772% and the 10-year yield has edged up

to 2.888% from 2.826%. 

- The Spanish curve has steepened with the 2s10s spread widening to 174.9bps up

from 171.4bps.

- The Euribor futures strip has steepened with greens/blues down 2.5-4.0 ticks.