The yield on the 10-year Bund is less...>

EGB SUMMARY: The yield on the 10-year Bund is less than 1bp lower today and

remains largely unchanged despite the political uncertainty in Spain.

- The Catalan regional government president Carles Puigdemont was initially due

to address the Catalan parliament in the evening today. However, sources claim

that the Catalan president will hold a press conference at 1200BST. It is still

uncertain whether the Catalan president will declare independence at this

session. The Spanish Prime Minister Mariano Rajoy has threatened to jail the

Catalan president if he goes ahead with the declaration of independence.

- The Bund-Bonos spread is trading approximately +1.5bp higher.

- The tensions in Spain have pushed the 10-year Italian BTP yields higher by

+1bp and the Italian government yield curve appears to steepening on the day.

The spread between the BTP-Bonos 10-year bonds is also higher today

approximately +2.4bp.

- In Germany, E1bln 7-Year linker 0.10% Apr 2026 Bundei was auctioned today.

Finland sol E1bln of Apr-22 with modest demand and Slovakia sold E1bln 30Y via

syndication.