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German fixed income futures have ticked.......>

BUNDS: German fixed income futures have ticked higher in Asia-Pacific hours, on
low volume.
- Schatz +0.010, Bobls +0.050, Bunds +0.11.
- Risk-off flows fuelled by poor data supported Bunds on Tuesday, while the
10-Year BTP/Bund spread widening in the wake of soft Italian data, which will
intensify fears of an elongated recession.
- OAT/Bund 10- & 30-Year spreads narrowed, even with France's syndication of
EUR7.0bn worth of new May 2050 OATs.
- 10-Year Spanish & Portuguese spreads vs. Bunds also narrowed, with continued
guarded rhetoric from ECB policymakers evident.
- Syndication of 15-Year Cypriot paper was also easily absorbed on Tuesday.
- German PPI data is due today, with 5-Year Bobl supply also worth noting.
Elsewhere, UK PM May will journey to Brussels to discuss Brexit matters, with EZ
consumer confidence data also due. On the central bank front participants look
to comments from ECB's Praet for inspiration.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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