Bunds faded and periphery spreads.......>

EGB SUMMARY: Bunds faded and periphery spreads ground lower over the course of

Friday, amid a very thin data/speaker calendar and with a long weekend in the

UK/US ahead.

- Most of the morning's risk-off (triggered by China - Hong Kong crackdown

headlines and associated tensions with the U.S.) had faded by early afternoon 

- In the most notable "event" today, the ECB's account of the April 29-30

Governing Council meeting suggested policymakers nearly ruled out a V-shaped

recovery and left the door wide open to further action in June.

- Greek bonds leading the periphery pack with spreads 4+bps tighter, marking a

drop of 40bps from last Friday's close. ** Latest levels:

* Jun Bund futures (RX) down 8 ticks at 173.07 (L: 172.99 / H: 173.52)

* Germany: The 2-Yr yield is up 1.1bps at -0.681%, 5-Yr is up 0.7bps at -0.676%,

10-Yr is up 0.6bps at -0.489%, and 30-Yr is up 1.1bps at -0.056%.

* Jun BTP futures (IK) up 25 ticks at 140.73 (L: 140.33 / H: 140.92)

* Italy / German 10-Yr spread 1.7bps tighter at 209.2bps

* Jun OAT futures (OA) down 18 ticks at 167.86 (L: 167.78 / H: 168.34)