/EGBs-GILTS CASH CLOSE: Ravenous risk.........>

BONDS: /EGBs-GILTS CASH CLOSE: Ravenous risk appetite (equities soared, with

German stocks up 3.9%) saw Italian spreads reverse early weakness to move

tighter on the day to Bunds. German and UK yields reversed course over the

course of the session, with the curve bear steepening once again.

- Session also notable as Greek 10-Yrs traded inside BTPs for first time since

January; Portugal underperformed. ** Closing levels:

* Germany: The 2-Yr yield is up 2.2bps at -0.631%, 5-Yr is up 4.5bps at -0.577%,

10-Yr is up 6.1bps at -0.354%, and 30-Yr is up 5.7bps at 0.122%.

* UK: The 2-Yr yield is up 1.9bps at -0.006%, 5-Yr is up 2.6bps at 0.051%, 10-Yr

is up 5.2bps at 0.274%, and 30-Yr is up 7.6bps at 0.712%

** 10-Yr Periphery EGB Spreads:

* Italian BTPs vs Bunds down 0.8bps at 190.8bps

* Spanish bonds vs Bunds down 0.9bps at 96.4bps

* Portuguese PGBs vs Bunds up 0.3bps at 92.9bps

* Greek bonds vs Bunds down 5bps at 187.7bps