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EGB SUMMARY: It's been a pretty subdued session with Bund futures falling
towards the beginning of the European session but recovering in the afternoon to
leave them slightly up on the day at the time of writing.
- Safe haven move extended after 1500BST on headlines that Texas saw
accelerating COVID hospitalizations.
- Peripheral spreads have also been subdued today with Greece the biggest mover
but most spreads within a basis point of yesterday's close.
- The main focus of the day was the launch of the new 10y German Bund; supply
weighed on Bunds but they eventually reversed losses. ** Latest levels:
* Sep Bund futures (RX) up 10 ticks at 175.5 (L: 174.8 / H: 175.56)
* Germany: The 2-Yr yield is down 0.4bps at -0.656%, 5-Yr is down 0.9bps at
-0.646%, 10-Yr is up 2.3bps at -0.404%, and 30-Yr is down 1.4bps at 0.042%.
* Sep BTP futures (IK) up 10 ticks at 142.19 (L: 141.72 / H: 142.36)
* Italy / German 10-Yr spread 2.6bps tighter at 179.8bps
* Sep OAT futures (OA) up 13 ticks at 166.72 (L: 166.13 / H: 166.74)

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