Very quiet afternoon session, with......>

EGB SUMMARY: Very quiet afternoon session, with the street gearing towards a

busy week. -UK Parliament back tomorrow, Italian Politics and busy days on

Wednesday and Friday. 

-Peripheral spreads have stayed within ranges against the German 10 year.

Bund/BTP now 165.5bps vs 164.8 this morning. 

-It has been a good opportunity to start rolling futures. 

-Estimated roll completion estimate as % of open interest / Perc. change today: 

DE - Schatz (2Y). . .48.9% / 16.3% 

DE - Bobl (5Y). . .41.7% / 11.9% 

DE - Bund (10Y). . .29.9% / 0.9% 

DE - Buxl (30Y). . .30.6% / 4.3% 

IT - BTP (10Y). . .33.2% / 5.1% 

FR - OAT (10Y). . .27.7% / 7.7% 

-- Bund futures are down -0.14 today at 178.96 with BTP futures up 0.50 at

145.81 and OAT futures down -0.15 at 170.25.