The ECB market remains relatively.......>

EGB SUMMARY: The ECB market remains relatively quiet heading into the ECB

meeting, with no clear direction. 

- German bunds have sold off slightly since mid-morning. The benchmark 2-year

bund yield trades at -0.599% up from a session -0.607%, while the 10-year yield

has traded up to 0.413% from 0.405%. The curve is flat on the day. 

- French OAT yields have similarly pushed higher. The 10-year yield is trading

at 0.7125% from 0.6996% and posting a new session high, while the 2-year yield

trades at -0.423% from a low of -0.4297%. There has been a little movement in

the curve with the 2s30s spread widening to 198.7bps from a low of 197.1bps. 

- The direction in Italian BTPs has bee more decisive through the session. The

benchmark 10-year BTP yield has pushed up to 2.705% from a low of 2.675%, while

the 2s30s spread has narrowed to 276.9bps from 279.6bps at the open.

- The EURIBOR futures strip has steepened with reds down 1.0-1.5bps and

greens/blues down 2.5-3.0bps.