After a little weakness ahead of........>

EGB SUMMARY: After a little weakness ahead of 8:00GMT as London came into the

office, Bunds quickly recovered their losses (in line with other core fixed

income) and moved to levels close to Friday's close. There were no real triggers

for these moves and through the rest of the day and Bunds have traded sideways

since.

- Bund futures volumes have been around half that of a normal day with the US

Presidents' Day holiday and UK school holidays contributing to a lack of key

risk takers present in the market. Furthermore, there has been no notable data

or key speeches today.

- Peripheral spreads have generally drifted tighter through the day, too, led by

BTPs. 10y BTP-Bund spreads are 2bp tighter on the day, but are still around

4.5bp higher than the recent lows seen on Thursday.

- Bund futures are down -0.04 today at 174.44 with BTP futures up 0.22 at 148.32

and OAT futures up 0.06 at 167.03.