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- The short end of the bund curve.......>

EGB SUMMARY
EGB SUMMARY: - The short end of the bund curve sold off during the morning
session and has traded sideways during the afternoon while the longer-end has
lacked direction and trades within a 0.381-0.405% range.
- The French OAT curve has flattened throughout the course of the day with the
2s10s spread narrowing to 117.5bps from a high of 119.1bps. The 10-year has
outperformed the curve with the yield pushing down to 0.764% from a high of
0.786%.
- Although Italian BTPs have been the big mover among EGBs, the daily trading
range is tighter than in recent sessions. The benchmark 2-year BTP yield surged
to a high of 1.069% from 0.993% at the open and then fell back to 1.016%.
- The short end of the Spanish curve has traded sideways since mid morning while
the longer end has rallied since midday. The 10-year benchmark yield has edged
down to 1.592% from a high of 1.608%.
- The Euribor futures strip is flat to 1.0 ticks higher.

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