/EGBs-GILTS CASH CLOSE: Most of the...........>

BONDS: /EGBs-GILTS CASH CLOSE: Most of the morning's risk-off reversed over the

course of the trading day, with Bunds paring gains (and curve flattening

flipping back to steepening), and periphery spreads narrowing from earlier

widening. Gilts cash yields are mixed, with underperformance at the longer end.

Greece the outperformer in the periphery space. ** Closing levels:

* Germany: The 2-Yr yield is up 1.2bps at -0.68%, 5-Yr is up 1bps at -0.673%,

10-Yr is up 0.8bps at -0.487%, and 30-Yr is up 2.1bps at -0.046%.

* UK: The 2-Yr yield is down 0.4bps at -0.051%, 5-Yr is down 0.8bps at -0.018%,

10-Yr is up 0.3bps at 0.174%, and 30-Yr is up 1.6bps at 0.585%.

** 10-Yr Periphery EGB Spreads:

* BTPs vs Bunds is down 2.5bps at 208.4bps

* Spanish bonds vs Bunds is is down 1.5bps at 111.3bps

* Portuguese PGBs vs Bunds is is down 3.2bps at 121.7bps

* Greek bonds vs Bunds is is down 5bps at 219.8bps