- There has been limited movement on....>

EGB SUMMARY: - There has been limited movement on the day in German bunds, which

are now trading close to the open. The benchmark 2-year bund trades at -0.609%

from a morning low of -0.618%, while the 5-year has ticked up to -0.185% from

-0.196% and the 10-year up to 0.393% from 0.379%. The 2s30s has widened slightly

to 165.6bps from 163.8bps.

- The French OAT curve has steepened modestly with the 2s10s spread increasing

to 113.6bps from a low of 111.8bps while the 2s30s is up to 201.3bps from

198.7bps.

- Most significant EGB activity has been in the Italian BTP market where bonds

have rallied since the early morning but are now trading close to the open. The

2-year trades at 0.954%, the 5-year at 1.359%, the 10-year at 2.899% and the

30-year at 3.565%.

- Long end Spanish bonds have underperformed with the 30-year yield pushing up

to 2.508% from a low of 2.489%.

- The EURIBOR futures strip has flattened with whites down 0.5-1.0 ticks and

greens/blues up 1.5-2.0 ticks.