A very tight range subdued morning.....>

BOND SUMMARY: A very tight range subdued morning session globally. 

-Major government bond have stayed within ranges, with desk taking the

opportunity to roll positions into the March contract. 

-EGBs and particularly the Schatz has traded a fair amount of volume, but all in

the spread. 

-The French and EC CPI provided very little in terms in market direction. 

-The BTP, had a bit of a sudden move, and quite unclear on what was the driving

force on the move lower, as no headlines or catalyst were noted. 

-The Italian CPI beat, could have been a delayed reaction. Bund/BTP spread moves

to 3.9bps wide. 

-Gilts prices have stayed elevated, following a small corrective pullback in the

Pound. 

-Very little to report on the US curve, with elevated volume in the TYZ9 on the

back of rolling position into the March contract.

-Looking ahead, very little on the Data calendar and just a couple of ECB

speakers