In a bit of a rollercoaster session.....>

EGB SUMMARY: In a bit of a rollercoaster session for EGBs amid heavy data flow,

bonds and rates are ending the day slightly stronger than they began. 10-yr

German bunds are 2.2bps lower at 0.571%, while the 2s10s curve flattened by half

a basis point to 114.6bps as 2s lag the rally in the long-end.

- French debt modestly outperformed following disappointing Q1 GDP data, with

10-yr OATs down 2.5bps to 0.792%, bringing the spread over bunds down by 0.5bps

to 22bps. Supply may become an issue for the long end next week though as France

taps 0.50% May-26 OAT, 0.75% May-28 OAT, 1.25% May-34 OAT and 2.00% May-48 OAT

for a combined amount of between E7.5-E8.5bln.

- EMU periphery are mixed with both 10-yr Bund/Bonos & Bund/BTP spread 1.4bp

wider, weighed by average BTP auction earlier, however Portugal is 1bp tighter.

- The Euribor futures curve flattened slightly today, with the short end lagging

gains in greens and blues. Ultimately, ERZ0 ends ECB week flat at 99.555, having

posted a four-year low of 99.495 earlier in the week. Overall, Draghi appears to

have convinced the market that the ECB is staying the course amid weaker

economic data so far in 2018.