EGBs have been trading in fairly........>

EGB SUMMARY: EGBs have been trading in fairly subdued fashion early Wednesday

(with the exception of a Greek rally), amid a raft of CPI and GDP data.

- Big rally in Greek govvies: 5-Yr yield is down 5.1bps at 2.90% and 10-Yr down

6.1bps at 3.917%, following yesterday's strong 5-yr benchmark syndication.

- More supply up today with Italy selling BTP and CCTEu and Germany coming to

market for the second time this week selling 10-yr Bund.

- The Mar 19 Bund future is down 5 ticks at 165.03, having traded in a range of

165.02-165.25 today. The 2-Yr yield is up 0.3bps at -0.567%, 5-Yr is up 0.3bps

at -0.291%, 10-Yr is up 0.2bps at 0.202%, and 30-Yr is unchanged at 0.799%.

- German Jan flash CPI out at 1300GMT; state-level delayed.

- Some talk of early elections in Italy could be called be Lega, but Mar 19 BTP

futures largely unchanged, down 7 ticks at 129.10 w 10-Yr spread vs Bunds is

down 0.3bps at 243bps.

- French GDP was a slight beat earlier this morning (0.3% Q/Q in Q4 vs 0.2% MNI

Median). 10-Yr OAT spread a little wider this morning, up 0.2bps at 41.2bps.

- No ECB speakers scheduled today; attention on US FOMC decision at 1900GMT.