/EGBs-GILTS CASH CLOSE: A fairly.......>

BOND SUMMARY: /EGBs-GILTS CASH CLOSE: A fairly slow trading day to end the week,

with Bunds strongly outperforming Gilts. Some divergence in the shape of the

curves, with UK bear steepening and Germany curve mixed.

- Risk-off in stocks (on negative US COVID case data and renewed state lockdown

measures) in the afternoon proved irresistible in the end for EGB spreads, which

ended the session wider after earlier tightening. **Closing levels:

* Germany: The 2-Yr yield is down 1.2bps at -0.702%, 5-Yr is down 1.1bps at

-0.714%, 10-Yr is down 1.4bps at -0.482%, and 30-Yr is down 0.9bps at -0.041%.

* UK: The 2-Yr yield is up 0.6bps at -0.07%, 5-Yr is up 1.1bps at -0.038%, 10-Yr

is up 1.8bps at 0.172%, and 30-Yr is up 3.9bps at 0.629%.

** 10-Yr Periphery EGB Spreads:

* Italian BTPs vs Bunds up 0.1bps at 177.4bps

* Spanish bonds vs Bunds up 1.4bps at 94bps

* Portuguese PGBs vs Bunds up 0.7bps at 94bps

* Greek bonds vs Bunds down 1.6bps at 175.6bps