The German 10Y Bund yield was...........>

EGB SUMMARY: The German 10Y Bund yield was unchanged on the day, in a

roll-coaster ride. 

- Early on, it was a move in Italy that trumped anything in Spain as concerns

about NPLs and a regulation-induced credit crunch forced the MIB lower. A

risk-off move helped core bonds rally. 

- Throughout the day, MNI noted several large block trades that included sales

of Europe and buying the US at several maturities. 

- The market awaits a speech from the Catalan president Carles Puigdemont

1700BST, although there was a press conference at lunchtime that attracted

considerable attention but no news. However, the Spanish debt market rallied

into the conference but widened spreads to Germany afterwards. 

- There were two auctions today where Germany, sold E1bln of a 8-Year linker

0.10% Apr 2026 Bundei, and Finland sold E1bln of Apr-22 with modest demand.

Slovakia sold E1bln 30Y via syndication, its size limited by a debt ceiling.