Bunds are sharply lower as global.......>

EGB SUMMARY: Bunds are sharply lower as global risk appetite has picked up,

though periphery EGB spread narrowing is also of note early Friday.

- The Jun 19 Bund future is down 58 ticks at 165.00, around day`s low of 164.97,

which is also the lowest level since March 22. Most damage done after

stronger-than-expected China credit data, which is seen as risk-on.

- German curve bear steepening. The 2-Yr yield is up 0.8bps at -0.569%, 5-Yr up

3.2bps at -0.393%, 10-Yr up 4.1bps at 0.032%, and 30-Yr up 4.7bps at 0.681%.

- Semi-core also weakening. Jun OAT futures down 53 ticks at 161.89 (L: 161.80 /

H: 162.63).

- Greek spreads continue their relentless fall, last down 7.8bps vs 10-Yr Bunds

at 328.1bps, lowest since Feb 2018.

- Italy fairly steady, Jun BTP futures (IK) down 1 tick at 130.85 (L: 130.66 /

H: 131.12).

- Spain and Portugal 10-Yr spreads a little tighter (by around 2bps).

- Eurozone data done for the week, though several ECB participants at the IMF`s

meetings in Washington including Praet, Draghi and Coeure.