The Bund opened 13 ticks lower at.......>

EGB SUMMARY: The Bund opened 13 ticks lower at 161.09 and was under pressure

early in the European open but the market soon picked up.

- Spanish Bonos were stable at open. The Catalan president has asked the EU to

help mediate talks with the central Spanish government and has indicated that a

declaration of separation will not be made for several days. 

- In terms of the risk trade, the yen has weakened in Asia and equities have

started the session fairly well following Asian stock markets that were higher

following the record highs in the US markets.

- German debt markets are thinned because of Unification day, this has closed

the DAX.

- There is no supply today. MNI expects E20bln in EGB issuance helped by a new

Irish Oct-22 bond for E3-5bln, probably on Wednesday. Last night, Finland

announced a tap of the E1bln of 5Y on Aug 10.

- In terms of data, the highlight will be the Eurozone PPI data for August but

there is little market-moving information expected on either side of the

Atlantic today.