There has been little in the way of.....>

EGB SUMMARY: There has been little in the way of net movement in EGBs this

morning and indeed the 10Y Bund yield change is almost nil. There is a small

rise in yields at the front end of the curve as investors have noted the

increase in marginal maturity calculations of aggregate ECB PSPP buying.

However, such calculations will have been upwardly distorted by heavy

redemptions in the month.

- The Iberian markets are making more headway than most, with Portuguese and

Spanish spreads to German each 2bp tighter on the session. 

- Italian BTPs are also tightening to Germany but their big move was yesterday

and several have noted that Japanese data show small sales of BTPs from that

investor.

- The Austrian 2023 and 2047 auctions received a mixed market reaction. The 2047

was well-received but the off-the-run 2023 came in for a decent re-distribution

trade in the moments after the allocations came through. 

- There was no economic data of note.