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Limited action in EGBs thus far.........>

EGB SUMMARY: Limited action in EGBs thus far Monday, with core and periphery
instruments largely steady.
- Bund June futures up 2 ticks at 165.38, in middle of 31-tick range seen Monday
so far. The 2-Yr yield is down 0.5bps at -0.573%, 5-Yr is down 0.2bps at
-0.407%, 10-Yr is down 0.4bps at 0.003%, and 30-Yr is down 1bps at 0.63%.
- BTPs largely unchanged as well, Jun futures up 1 tick at 129.68.
- Italy/German 10-yr spread steady; Spain and Portugal trading a little tighter
(around 1bps).
- 10-Yr OAT spread at best levels since early March vs Bunds, dropping 0.3bps to
- Greece outperforming, with spread to Germany down 4.4bps at 347.9bps - now
approaching levels of tightness not seen in 8 months.
- The Euribor futures strip is trading slightly stronger overall, though little
movement: Whites unchanged, a 1-tick move higher in Greens.
- ECB`s Villeroy speaks at 1645BST, which is likely to be the last ECB
`highlight` before Wednesday`s governing council decision.

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