It has been a fairly risk-on start.....>

BOND SUMMARY: It has been a fairly risk-on start to the morning session with

Bunds outperforming gilts but Treasuries are little changed on the day. There

has been market focus on the launch of the new 10-year Bund this morning.

- Peripheral spreads have seen little movement on the day so far.

- There has been little in the way of market moves on the inflation data today

with UK CPI data in line with expectations, Eurozone CPI unrevised and we await

US inflation data later today.

- TY1 futures are up 0-2 today at 138-16 with 10y UST yields down -0.5bp at

0.749% and 2y yields down -0.5bp at 0.196%.

- Bund futures are down -0.45 today at 174.95 with 10y Bund yields up 2.1bp at

-0.407% and Schatz yields up 0.2bp at -0.659%.

- Gilt futures are down -0.23 today at 137.07 with 10y yields up 0.7bp at 0.212%

and 2y yields up 0.1bp at -0.46%.