Core EGBs are trading a little..........>

EGB SUMMARY: Core EGBs are trading a little stronger Monday after Friday's

risk-on rout, with periphery spreads largely flat.

- Mar 19 Bund futures up 16 ticks at 164.13, with a fairly quiet overnight

session followed by choppy trading early in Europe (in a range of 163.9-164.17).

- The 2-Yr German yield is up 0.1bps at -0.594%, 5-Yr is down 0.2bps at -0.347%,

10-Yr is down 0.6bps at 0.202%, and 30-Yr is up 0.2bps at 0.857%.

- Earlier Germany reported adjusted factory orders down 4.3% Y/Y v consensus

down 2.7% Y/Y, the sixth consecutive month of declines.

- The Mar 19 BTP future is up 9 ticks at 126.49, having traded in a range of

126.24-126.70 thus far.

- Modest moves in EGB periphery thus far: spread of 10-Yr Italian BTPs vs Bunds

is down 1.7bps at 267.4bps; Spain down 0.4bps at 126.3bps; Portugal down 0.3bps

at 159.7bps; Greece up 0.2bps at 419.9bps.

- Eurozone retail sales (1000GMT) grew by 1.7% y/y and 0.3% m/m in October and

analysts will look for signs of a pick up into the Christmas period.

- ECB's De Guindos Speaks in Latvia on "Five years with the Euro" at 1245GMT.