The data calendar for Europe has been...>

EGB SUMMARY: The data calendar for Europe has been light today and headlines

largely confined to Brexit. Core-periphery spreads have narrowed, led by Italy

and underpinned by a modest risk-on tone.   

- German bund yields have inched higher through the session within a relatively

tight range. Current yield levels: 2-year -0.541%, 10-year 0.118%, 30-year

0.742%.

- The French OAT curve trades close to flat on the day with spot yield moves

<1bp from yesterday's close.

- Italian BTPs are again the big mover on the day. The long-end of the curve has

underperformed the broader rally with the 2s30s spread widening to 327.8bps from

a low of 324.0bps. The 5-year benchmark has outperformed with the yields down

8.1bp on the day.

- Conversely, the Spanish curve has flattened as the rally has been strongest at

the longer end. Current yield levels: 2-year -0.287%, 10-year 1.128%, 30-year

2.3496%. The 2s10s spread trades at 140.9bps down from 143.9bps.

- Euribor futures are broadly flat/0.5 ticks lower.