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Lebanon Aims to Drill Block 9 Before End of Year

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Overnight, the long end of the..........>

EGB SUMMARY: Overnight, the long end of the Treasury market was hit by a renewed
bout of selling in Asia and the rout in equities showed little sign of abating.
The 30Y US T-Bond is 2bp higher compared to Friday but short-dated yields were
lower. It was no surprise to see the Bund contract open lower but the early
losses have been recovered.
- Currently, the 10Y Bund yield is 0.5bp lower than Friday's close at 0.762% and
there are similar yield changes along the rest of the yield curve.
- However, the Spanish market is looking heavy, following the startling
compression in spreads over the past weeks. The Bund-Bonos spread is 2.5bp wider
and there are smaller widenings of spreads for other peripheral markets. 
- German Grand Coalition coalition talks have been extended for an extra day,
although are said to be in the "home stretch" according to Suddeutsche Zeitung.
As all Brits know, Germany always wins on penalties after extra time. Topics on
healthcare and labour policy remain unresolved. Talks resume at 1000am today and
Tuesday has been earmarked for an extra day if needed.
- No supply today but look out for a 7Y Greek syndicated deal.

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