It's been a fairly quiet morning so.....>

EGB SUMMARY: It's been a fairly quiet morning so far for EGBs. Today's focus on

the economic data front is inflation. Spanish CPI was softer than expected with

HICP at 1.3% Y/Y (1.5%Exp, 1.1%Prev). We have had the first of the German state

CPIs with Saxony CPI coming in at 1.4%, the same level as in February. Other

state numbers are due up through the morning with the national print due at

13:00GMT.

- Bund futures are 0.08 lower at 166.51 with 10y yields unch at -0.081% with

Schatz yields up 1.2bp to -0.591%.

- After yesterday's big moves in Euribor futures on the back of ECB tiering

talk, moves have been muted this morning with a very small retracement of 0.5-1

tick.

- Peripheral spreads are a little wider this morning with BTP-Bund spreads up

3.0bp on the day.