It has been a largely range-bound day...>

EGB SUMMARY: It has been a largely range-bound day for EGBs with Bunds little

changed on the day. However, the range has not been completely insignificant

with almost 4bp between the highs and lows of the day.

- The wider risk environment has seen equities move lower across both Europe and

the US.

- Concerns over the progress of the US-EU trade talks have continued to linger

throughout the day while increases in Covid cases in the US have not helped

sentiment, but Bunds have largely shrugged this off in line with USTs and gilts.

- Peripheral spreads are also not much to write home about, with 10-year BTP and

Irish spreads each 2.4bp wider on the day but all other spreads +/- less than

1bp on the day.

** Latest levels:

* Sep Bund futures (RX) up 20 ticks at 175.81 (L: 175.2 / H: 175.86)

* Sep BTP futures (IK) down 4 ticks at 143.68 (L: 143.32 / H: 143.95)

* Sep OAT futures (OA) up 13 ticks at 167.2 (L: 166.66 / H: 167.22)

* Italy / German 10-Yr spread 2.4bps wider at 168.8bps