Having opened broadly lower, EGBs.......>

EGB SUMMARY: Having opened broadly lower, EGBs have stabilised after E13.6bln of

sales by Spain, France and Ireland this morning.

- The Dec 18 Bund future is trading at 159.34, down 16 ticks and trading in a

range of 159.19-159.46. 

- The German curve has bear steepened, with the 2s30s spread 1bps higher.

- Italian BTPs have weakened across the curve. The belly is underperforming, the

5-year yield up 9.2bps compared to 7bps and 4.7bps for the 2-year and 30-year

respectively.

- French OATs have traded largely flat. 10-year yield has traded in a range of

0.819%-0.833%, having opened 1.2bps higher ahead of today's auction where the

10-year was sold at an average yield of 0.82%. 

- The 10-year Spanish bond has gained on the Bund, the spread falling 1.4bps to

114.1bps despite Spain selling E3.993bln of Bonos/Oblis in auction today. 

- Ireland sold E0.4bln of 10-year today for an average yield of 0.993%.

- ECB speakers up this afternoon include Villeroy, Coeure, and Draghi.