Core EGBs have reversed their gains.....>

EGB SUMMARY: Core EGBs have reversed their gains since the U.S. open and

approach the close in the red as risk on sentiment has started to gain traction.

- The Mar 19 Bund future is down 6 ticks at 163.91, having traded in a range of

163.85-164.32 today.

- The short end of the Bund curve has underperformed throughout the day, with

the curve steepening. 

- The 2-Yr Bund yield is up 1.6bps at -0.579%, 5-Yr is up 1.7bps at -0.328%,

10-Yr is up 0.9bps at 0.217%, and 30-Yr is up 0.7bps at 0.862%.

- Italian BTPs have steadied their losses since the U.S. dropping just 6 ticks

to trade 31 ticks down on the day at 126.09. 

- The belly of the curve has outperformed markedly, seeing the 2s10s steepen by

1.4bps whilst the 2s30s has seen a flattening of 0.2bps.

- The 2-Yr BTP yield is up 3bps at 0.527%, 5-Yr is up 3.5bps at 1.92%, 10-Yr is

up 1.6bps at 2.915%, and 30-Yr is up 3.2bps at 3.689%.

- Greek bonds have rallied this afternoon, narrowing the 10-Yr Spread Vs Bunds

3.6bps to 416.2bps.