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The tone for EGBs continues to be set...>

EGB SUMMARY
EGB SUMMARY: The tone for EGBs continues to be set by headlines from Rome.
Latest news suggests a policy agreement between 5-Star and Lega could be reached
by end-Wed, with significant ambiguity over who will be Prime Minister. The
10-year BTP/Bund spread is up 11bps to a 7-week high, hovering around 142bps.
- Other peripheries unsurprisingly on the back foot though outperforming Italy.
10-Yr Bund sprd up 4.2bps in Spain to 75.7bps; 5.5bps in Portugal to 115.1bps.
- Germany had a solid 10Yr benchmark Bund auction this morning, with real
bid-to-cover ratio of 2.21 (vs 1.16 for the previous re-open of the Feb-28),
helped by relatively small sale size (E2bn). Jun18 future up 32 ticks to 158.08.
Meanwhile, seeing some Schatz upside plays in futures throughout the day.
- A bit of German 2s10s flattening today after four consecutive sessions of
steepening, as the Schatz has underperformed, yield last down 1.5bps to -0.564%,
with Bund yield down 2.8bps to 0.618%. However, 30s have lagged, with 10s30s
ticking up 0.8bps to 67.2bps.
- Euribor futures have moved little after a 1 tick move higher this morning
across the strip from Reds through Blues.
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