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The EGB market started the session on...>

EGB SUMMARY
EGB SUMMARY: The EGB market started the session on the backfoot but sporadically
local buying showed up. This first appeared in Italy and later in the session,
the Spanish market appeared to be the darling once the auction had been pushed
aside. PMI data had little impact upon prices.
- Across the board, peripheral debt is performing strongly led by a 13bp
tightening in the Bund-GGB 10Y spread and 4-6bp tightening in the PGB, Bonos and
BTP spreads to Germany.
- Bund yields have recovered from initial declines and the 2-30Y yield curve is
uniformly 0.5bp higher today. 
- Spain sold E3.8bln of 5, 10 and 30Y nominals and 0.8bln of the 2030 linker.
- Demand at the French auction was light and while France normally sells at the
top end of the pre-announced range, it only got away E8.11bln of the E8-9bln
pre-announced quantity. There was a small step back by core markets on the
result but this was quickly recovered.
- Slovenia is selling 10Y debt and the last update said that the book was above
E2.8bln (ex JLM).

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