- The long end of the German bund.......>

EGB SUMMARY: - The long end of the German bund curve has been relatively

directionless today. The 10-year yield has traded within a 0.3349%/0.3514%

range, while the 30-year has oscillated within a 0.9904%/1.0103% range.

- The French OAT curve has steepened slightly on the day with the 2s10s ticking

up to 109.7bps from 105.7bps and the 2s30s pushing up to 198.5bps from 194.0bps.

Key levels: 2-year -0.438%, 5-year 0.018%, 10-year 0.681%, 30-year 1.569%.

- Italian BTP yields have moved higher since late morning. The benchmark 2-year

BTP yield trades at 1.130% from a morning low of 1.056%, while the 10-year is up

to 3.086% from 3.0097%. The 2s30s has narrowed around 6bps.

- Spanish bonds have traded in a tight range with the 10-year holding within

1.358%/1.372% and the 30-year within 2.484%/2.497%.

- The Euribor futures strip has flattened with greens/blues flat to 0.5 ticks

higher.