It has been another busy day for........>

EGB SUMMARY: It has been another busy day for issuance in EGB space with the

Netherlands and Italy selling bonds via auction, Spain successfully launching a

E10bln 10-year benchmark via syndication and Cyprus also conducting a

syndication. In addition, Belgium announced a new 10y syndication while Italy

announced a new 30y BTP. Many countries have also sold bills today.

- Despite the extra supply, Bunds have outperformed both gilts and USTs.

However, unlike USTs and gilts, Bunds are some way off of their highs of

yesterday.

- Peripheral spreads are little changed over the day, although Spanish spreads

have moved higher towards the end of the day,

- Bund futures are up 0.20 today at 170.96 with 10y Bund yields down -1.1bp at

-0.172% and Schatz yields up 0.2bp at -0.590%.

- BTP futures are up 0.04 today at 142.77 with 10y yields up 0.9bp at 1.383% and

2y yields up 0.2bp at -0.37%.

- OAT futures are up 0.21 today at 163.52 with 10y yields down -1.0bp at 0.078%

and 2y yields up 0.3bp at -0.564%.