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Very little in the way of fireworks.....>

EGB SUMMARY
EGB SUMMARY: Very little in the way of fireworks in EGB markets so far on
Monday. The entire German curve is around 1-1.5bp lower than it was on Friday
afternoon. The 10Y Bund is currently 1.3bp lower at 0.635%.
- Italian debt is slightly softer today. Goldman Sachs published a sell
Italy/buy Spain recommendation last Friday and Il Sole 24Ore is running an
article for retail investors that advises against BTPs. Renzi has ruled out a PD
coalition with M5S. The Bonos-BTP spread is close to its widest since July last
year at 61bp.
- The ECB's Benoit Coeure was on French TV today with a host of comments
although none were market moving. 
- Spain to announce Thursday's auction size at 1330GMT today. Should be around
E4-5bln. Also, the Netherlands is to announce guidance for the new 10Y done via
DDA at 1400GMT. Rabobank sees a range of 16-18bp over the German 10Y reference
bond.

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