EGBs are trading with a modestly........>

EGB SUMMARY: EGBs are trading with a modestly bullish tone Friday, mirroring a

global move led by the U.S.

- Mar 19 Bund futures are up 19 ticks at 164.40, near the early high of 164.43.

A bit of German curve bull flattening: 2-Yr yield is down 0.1bps at -0.592%,

10-Yr is down 1.4bps at 0.241%, and 30-Yr is down 1.3bps at 0.836%.

- EGB space taking cues from the U.S., with continued dovish Fed rhetoric

Thurs., and a bit of a flight to safety after Pres Trump said he would probably

declare a national emergency if he can't make a budget deal with Congress.

- Ahead of Italian supply today, the Mar 19 BTP future is up 18 ticks at 126.48,

with  10-Yr yield down 1bps at 2.878%, 30-Yr yield is down 0.5bps at 3.699%.

- Italy sells E5.0-6.5bln in 2.30% Oct-21, 2.50% Nov-25, and 3.45% Mar-48 BTPs

later; also there are Reuters reports of a 15-yr syndication forthcoming.

- Periphery EGB spreads fairly flat, 10-Yr Greece 1.7bps wider to Bunds.

- Data this morning includes Italian Nov industrial production at 0900GMT, with

expectations of a M/M contraction; this follows Spain`s below-consensus -1.5%

M/M outturn (-2.6% Y/Y).