Thus far Monday, Eurozone periphery.....>

EGB SUMMARY: Thus far Monday, Eurozone periphery instruments are enjoying

risk-on sovereign ratings decisions made Friday, with core EGBs little changed.

- Moody's maintained Italy at Baa3 (stable); this was enough to trigger a 5.5bps

rally vs Bunds, with spread now at 235.7bps (tightest since September 2018).

- S&P`s upgrade of Portugal to BBB (stable) from BBB- has led to a big rally in

PGBs, with the 10-Yr 5.6bps tighter to Bunds at 117.0bps (10-month low).

- Greece (5.1bps narrower) and Spain (2.5bps tighter) also benefiting.

- German Jun 19 Bund futures are up 2 ticks at 164.16, with a bit of bear

flattening in the curve: 2-Yr yield is up 0.9bps at -0.532%, 5-Yr is up 0.6bps

at -0.334%, 10-Yr is up 0.2bps at 0.086%, and 30-Yr is up 0.3bps at 0.748%.

- Some attention being paid to Brexit risks, otherwise most market focus this

week is on the US Federal Reserve decision Wednesday.

- ECB speakers today include de Guindos at 1315GMT and Praet at 1510GMT.

- Dearth of key Eurozone data, however.