It has been a busy morning for.........>

BOND SUMMARY: It has been a busy morning for issuance in the European sovereign

space today. There have been syndications from the UK (GBP9.0bln of the new

30-year gilt), Spain (20-year with orderbooks above EUR75bln), Ireland (10-year

with orderbooks above EUR50bln) and Greece (10-year). In addition, the

Netherlands have sold E2.8bln 10-year DSLs and Germany are set to sell E3bln of

the 7-year Bund today.

- Against this backdrop, equity markets across Europe have moved lower, as have

US equity futures, with risk appetite falling. The first indications overnight

of a souring risk picture were developments in Korea which initially hit Korean

stocks, saw the yen rally and hit Japanese stocks, before spreading more widely

after the European open.

- TY1 futures are up 0-13+ today at 137-23 with 10y UST yields down -5.5bp at

0.821% and 2y yields down -1.4bp at 0.213%.

- Bund futures are up 0.34 today at 173.85 with 10y Bund yields down -1.7bp at

-0.337% and Schatz yields up 0.1bp at -0.627%. Gilt futures are up 0.24 today at

135.76 with 10y yields down -1.3bp at 0.319% and 2y yields unch at -0.4%.