With the exception of German bunds,.....>

EGB SUMMARY: With the exception of German bunds, EGBs have not reacted strongly

to UK Attorney General Geoffrey Cox's decision to keep his legal opinion on the

Irish backstop unchanged.

- Bunds had opened on a weaker footing with yields drifting higher through to

~0915GMT. The Cox announcement has driven yields back towards yesterday's close.

Current yield levels: 2-year -0.550%, 5-year -0.3595%, 10-year 0.068%, 30-year

0.731%.

- French OATs have rallied since ~0930GMT, although yields are still ~0.5-1.5bp

higher on the day. The curve has steepened with 2s10s trading at 95.1bps off a

low of 93.4bps.

- Italian BTPs trade close to unch on the day. The 7-year benchmark has

marginally outperformed the curve.

- Spanish government bonds trade relatively soft. Current yield levels: 2-year

-0.309%, 5-year 0.133%, 10-year 1.161%, 30-year 2.309%.

- Euribor futures trade mixed in whites and down 0.5-1.0 ticks in greens/blues.