Yesterday's ECB policy meeting has......>

EGB SUMMARY: Yesterday's ECB policy meeting has come and gone without much

fanfare. There were no new policy announcements, with Draghi refusing to be

drawn into speculating on the possibility of a TLRTO extension. Acknowledging

the risks to economic growth, while slightly dovish, was a given.

- Bunds have lacked direction so far this morning and the curve is little

changed. Current yield levels: 2-year -0.580%, 10-year 0.188%, 30-year 0.775%.

The IFO survey for January will be published at 0900GMT and comes on the heels

of a weak manufacturing PMI print published yesterday.

- French OATs are similarly quiet so far, with 2s30s narrowing just 1bp.

- The very long-end of the Italian BTP curve has flattened. The 30-year

benchmark yield trades at 3.507% down from a high of 3.543%.

- Spanish bonds have traced out a similar path with the 30-year yield down

2.6bps on the day.

- Euribor futures trades broadly flat to 1.0 ticks lower.