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

EGB SUMMARY: - The shorter end of the German bund curve has traded in a

relatively tight range, while the rally in long-end bunds has reversed since

midday. The 10-year benchmark trades at 0.489% up from a low of 0.469% and back

above the open.

- The French curve has steepened on the back of the long end selling off. The

2-year yield has pushed down to -0.3598% from a high of -0.350%, while the

10-year trades at 0.801% from a low of 0.781%. The 2s10s spread has widened to

115.2bps from 112.6bps.

- The early morning sell-off in Italian BTPs lost momentum by midday but has

resumed over the past hour. The 2-year benchmark trades at 0.707% up from a low

of 0.586% and the 10-year yield has pushed up to 2.846% from 2.759%.

- The long end of the Spanish curve has sold off and the curve has steepened.

The 2s30s has traded up to 283.2bps from 278.7bps.

- The Euribor futures strip is flat to 1.5 ticks lower.