- German bunds have rallied since.......>

EGB SUMMARY: - German bunds have rallied since midday and the curve has

flattened. The benchmark 2-year bund yield has traded down to -0.640% from a

high of -0.619% and the 10-year is down to 0.324% from 0.365%. The 2s10s spread

has narrowed to 95.5bps from 97.7bps, and the 2s30s spread narrowed to 161.3bps

from 164.8bps.

- The longer end of the French curve has outperformed with the 10-year OAT

trading at 0.669% down from 0.698%, while the 30-year yield has pushed down to

1.547% from 1.582%.

- Italian BTPs have broadly sold off since midday. The benchmark 2-year BTP

trades at 1.1096% from a low of 1.0032%, while the 2s10s spread has narrowed

5.5bps and the 2s30s is down 8.5bps.

-  Yields at the longer end of the Spanish curve are trading around the day's

highs with the 10-year trading at 1.400% and the 30-year at 2.515%.

- The Euribor futures strip has flattened with greens/blues up 3.5-5.0 ticks.