- The German bund curve has been........>

EGB SUMMARY: - The German bund curve has been flattening since 1400GMT, led by

the longer-end flattening. The 10-year benchmark trades at 0.229% down from a

high of 0.246%, while 2s10s has narrowed to 81.1bps from 82.5bps.

- The shorter-end of the French OAT curve has traded sideways since mid-morning,

while yields at the longer-end have pushed lower this afternoon. Current yield

levels: 2-year -0.480%, 10-year 0.633%, 30-year 1.577%. The curve is 1-2bp

flatter on the day.

- Italian BTPs have traded sideways in a 5-6bp range throughout the day with

yields now narrowing in on yesterday's close. The curve has steepened slightly

with 2s30s trading up to 328.1bps from a low of 325.8bps.

- It has similarly been a relatively quiet session for Spanish government bonds,

albeit with a rally at the longer end this afternoon. The curve is 2-3bp

flatter.

- The Euribor futures strip has flattened with whites/reds flat and greens/blues

up 1.0-3.0 ticks.

- All eyes are on the ECB meeting tomorrow. Please see our ECB Preview.