There has been very little direction....>

EGB SUMMARY: There has been very little direction in the EGB market so far

today. so far, the Schatz yield is -0.1bp lower at -0.604% and the 10Y yield is

0.2bp higher at 0.505%. Volumes are modest.

- There have been a number of data releases that have been largely ignored

including another strong German jobs report. German State CPI prints suggest a

downside risk to the 0.5%M/M national CPI/HICP consensus that is due for release

at 1300BST.

- There has been no supply this morning but Belgium announced that today it is

buying back Mar-19 OLO paper on the MTS platform.

- Peripheral paper is fairly well-bid and 10Y Bund-BTP and Bund-Bonos spreads

are 1.7bp and 1.1bp tighter on the session.

- There is no evidence that the upcoming month-end index extensions are

impacting. Analysts point out that the Austrian bond market is the largest

beneficiary with a 0.35Y month end extension but there is a slight RAGB

underperformance of German Bunds so far today.

- The market will be looking forward to the US PCE report later today.