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- The German bund curve has flattened...>

EGB SUMMARY: - The German bund curve has flattened since early morning on the
back of the short end underperforming and the longer end rallying. The 2s10s
spread has narrowed to 92.9bps from a high of 94.6bps, while the 2s30s is down
to 160.9bps from 162.3bps. The Deutsche Finanzagentur sold two linkers earlier
today, with the 0.10% Apr-46 being technically uncovered.
- French OAT yields have drifted lower during the session. The benchmark 10-year
yield has traded down to 0.693% from a high of 0.704%, while the 30-year is down
to 1.597% from 1.605%.   
- Italian BTPs have rallied since the open and the curve has steepened. The
benchmark 10-year BTP yield has pushed down to 3.081% from 3.159%, with the
2s10s spread trading up to 182.7bps from 172.3bps.
- The longer end of the Spanish curve has outperformed. The 10-year benchmark
trades at a yield of 1.430% down from 1.451% and the 30-year at 2.584% from
- The Euribor futures strip is flat to 0.5 ticks lower.

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