Moves in EGB have been relatively.......>

EGB SUMMARY: Moves in EGB have been relatively minor this morning with Bund

futures down 0.13 to 166.46 at the time of writing.

- Inflation has been the main talking point this morning with Spanish CPI

increasing to 1.3% Y/Y from 1.1% in Feb, but missing expectations by 0.2pp.

German CPI is expected to fall 0.1pp and state CPIs released so far today

suggest a print in line or a little lower than consensus.

- Talk of tiering has continued in the market, but with little more market

reaction further to yesterday's moves.

- Bund yields are unch at -0.080% while Schatz yields are up 0.7bp at -0.596%.

- Peripheral spreads are a little wider on the day, with BTP-Bund spreads rising

3.8bp to 257bp.