Bunds are on the front foot early.......>

EGB SUMMARY: Bunds are on the front foot early Friday ahead of IFO data and ECB

speak, while Italian BTPs are retreating ahead of a sovereign rating review.

- Mar 19 Bund future is up 21 ticks at 166.28, with 2-Yr yield is down 0.2bps at

-0.558%, 5-Yr is down 1bps at -0.333%, 10-Yr is down 1.1bps at 0.116%, and 30-Yr

is down 1.1bps at 0.736%.

- BTPs trading a little weaker in the early going, Mar19 future down 17 ticks at

127.37 with 10-Yr spread to Bunds up 3.5bps at 274.1bps.

- Reminder that this evening sees Fitch's sovereign rating review of Italy,

current rating is BBB; outlook negative.

- Other periphery spreads broadly steady.

- French OAT spreads a little tighter to Germany, 10-Yr in 0.3bps at 41.2bps.

- Up later: German Feb IFO & Q4 GDP (final), EZ CPI (final), as well as remarks

from ECB's Draghi (1530GMT) & Villeroy (1500GMT).