Reflecting the increasingly.............>

EGB SUMMARY: Reflecting the increasingly entrenched positions of Westminster and

Brussels over Brexit negotiations, Theresa May is seeking changes to the Irish

backstop seemingly without offering any further concessions, while a speaker for

the European Commission has stated "don't look for answers to Brussels".

- It has been a relatively quiet session so far for German bunds, with yields

gradually winding lower. Current yield levels: 2-year -0.5896%, 10-year 0.2498%,

30-year 0.857%.

- French OATs have broadly rallied, although with little conviction. The 5-year

benchmark has outperformed the curve with the yield down 1.3bps from Friday's

close.

- Italian BTPs have sold off with yields up 2.5-5.5bps across the curve. 

- The Spanish curve has steepened on the back of the long-end selling off. 2s30s

has traded up to 280.8bps from a low of 278.4bp.

- Euribor futures are flat to 0.5 ticks lower.