EGB SUMMARY: A within range session.....>

EGB SUMMARY: EGB SUMMARY: A within range session for Bunds, with most of the

action once again on peripherals. 

-Plenty of questions the past couple of days on the out performance of BTP and

also OATs of late. 

-OAT are being dragged by the Italian BTP, which look to be some continuation

from the rate cut story yesterday.. 

Some speculating that "if" we were to get more QE, Italy would be one of the

peripheral to really benefit. Seems to fit the overall risk picture. 

-Also, some pre-emptive price action, on the more supportive cash flow, given

decent coupon/redemption at the end of February for some EU34bn. 

- Big level to still watch out for in the German/Italy 10yr spread is at that

129.4088 

-Greek yield falls below 1% for the first time.

- Bund futures are down -0.16 today at 174.10 with BTP futures up 0.67 at 148.17

and OAT futures unch at 166.69.