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It has been a relatively busy session...>

EGB SUMMARY
EGB SUMMARY: It has been a relatively busy session for issuance with a new
2-year Schatz bond and Dutch DSL alongside bill supply from Italy, Spain and
Belgium.
- The expectations component of the German ZEW survey for November surprised
higher (-2.1 vs -13.0 survey).
- The German bund curve has steepened on the back of short-end yields dipping at
the longer-end selling off slightly. 2s30s has traded up 2bp.
- The longer-end of the French curve has been under some pressure with the
30-year yield up 2bp.
- Italian BTPs have rallied with yields broadly 1-2bp lower. Current yield
levels: 2-year -0.096%, 5-year 0.581%, 10-year 1.248%, 30-year 2.369%.

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