An increase in risk-off sentiment.......>

EGB SUMMARY: An increase in risk-off sentiment today has seen Core EGBs fall

back with peripheries only marginally down after large losses yesterday. 

- The Mar 19 Bund future is down 38 ticks at 164.44, having traded in a range of

164.37-165.04 today.

- In line with previous days the short end of the bund curve has been the least

responsive with the 2-Yr yield up 1.2bps at -0.599%, 5-Yr up 2.5bps at -0.36%,

10-Yr up 2.9bps at 0.182%, and 30-Yr up 2.6bps at 0.828%.

- The Mar 19 BTP future is down 4 ticks at 126.44, having traded in a range of

126.36-127.22 today.

- In the BTP curve the short-end has outperformed, causing a 5.8bps steepening

in the 2s10s. 

- The 2-Yr BTP yield is down 3.9bps at 0.516%, 5-Yr down 1.6bps at 1.885%, 10-Yr

up 1.9bps at 2.879%, and 30-Yr up 3.5bps at 3.642%.

- The slight bounce in risk appetite has seen periphery spread Vs 10-yr bunds

narrow: SGBS down 0.8bps at 126.8bps, PGBs down 1.3bps at 160.1bps and GGBs down

3.3bps at 422.3bps.