- The German bund curve has gradually...>

EGB SUMMARY: - The German bund curve has gradually flattened during the day with

the 2s10s spread narrowing to 85.7bps from 86.8bps. Yields have been relatively

contained across the curve within a 3bp range. Current yield levels: 2-year

-0.585%, 10-year 0.280%, 30-year 0.867%.

- French OATs have broadly rallied with the longer-end outperforming. The

30-year yield trades at 1.641% down from 1.679% and near the lows of the day.

The curve is 2-3bps flatter.

- The belly of the Italian BTP curve has outperformed with yields down 5-6bps on

the day. The 5-year benchmark yield has pushed down to 1.877% from a high of

1.9697%.

- Yields at the short-end of the Spanish curve has seen little movement while

the longer-end has rallied modestly through the day. The 10-year has

outperformed, with the yield trading at 1.496% down from 1.534%.

- Euribor futures are flat to 1.5 ticks lower.