- German bunds have sold off since......>

EGB SUMMARY: - German bunds have sold off since mid-morning with

underperformance at the longer end causing the curve to steepen. The benchmark

10-year bund trades at 0.480% up from a low of 0.441%, with the 2s10s spread

widening to 100.1bps from 97.2bps.

- The French OAT curve has similarly steepened with the 2s10s spread trading up

to 113.8bps from 110.95bps and the 2s30s pushing up to 201.9bps from 199.2bps.

- Italian BTPs have rallied across the curve on the back of a continued stream

of mildly positive budget-related newsflow in recent days. The 2-year benchmark

trades at 0.623% down from 0.731% and the 10-year trades at 2.789% from 2.891%.

The 2s30s spread has traded up to 288.0bps from a session low of 276.7bps,

before sliding back to 282.9bps.

- The shorter end of the Spanish curve has been largely range bound during the

session, while the longer end has sold off since midday. The 10-year trades at

1.497% from a low of 1.476%.

- The Euribor futures strip is flat to 1.5 ticks lower.