- Having sold off in the early..........>

EGB SUMMARY: - Having sold off in the early morning, German bunds have pared

back losses with yields now trading in the middle of the day's range. The 2-year

benchmark trades at -0.584% off a high of -0.574% while the 10-year yield trades

at 0.385% down from 0.397%.

- The French OAT curve has steepened since the open with the 2s10s spread

trading up to 122.3bps 119.7bps. The very long-end of the curve has

underperforming the broader sell off with the 30-year yield trading at 1.709%

from a low of 1.689%.

- BTPs have sold off sharply over the past 30 minutes with the 10-year yield

surging to 3.495% from a morning low of 3.431%.

- The sell of at the shorter end of the Spanish bond curve has stabilised, while

yields at the longer-end drift higher. The curve is 1-2bps steeper on the day.

- The Euribor futures strip has steepened with whites up 0.5 ticks and

greens/blues 0.5-1.0 ticks higher.