It has been a quiet session for EGBs....>

EGB SUMMARY: It has been a quiet session for EGBs. 

- The German bund curve has been relatively unchanged on the day. The benchmark

2-year yield trades at -0.6081% up from a session low of -0.613%, while the

30-year yield has edged up to 1.062% from 1.0498%.

- Similarly, the French OAT curve is flat. The 2-year OAT yield has increased to

-0.427% from -0.436%, the 10-year has pushed up to 0.699% up from 0.687% and the

30-year yield trades at 1.575% from 1.564%.

- BTP spreads widened beginning 1300BST (2-Yr out 3.5bps vs Bunds and 10-Yr out

2.5bps), with MNI hearing the catalyst was reports of M5S Beppe Grillo calling

for a referendum on the euro. However these comments came from an interview

released on July 23 and the market faded the move once it appears to have

realised this.

- The EURIBOR futures strip has steepened slightly with greens and blues down

0.5-1.0 ticks.

- The Eurozone issuance calendar will be relatively busy next week with Germany,

France, Italy and Spain tapping the market for around E18bn.