EGBs have traded without any clear......>

EGB SUMMARY: EGBs have traded without any clear direction as the week winds up.

- Bunds have zig-zagged lower then higher then lower again over the course of

Friday trading, seemingly tracking US Tsys, particularly in the afternoon.

- Italian spreads narrowed sharply over the course of the morning, steadying out

over the afternoon.

- Next week's focus is the ECB meeting on Thursday; we also get the German ZEW

survey and flash Markit PMIs. However, Monday looks quiet - no data/speakers.

** Latest levels:

* Mar Bund futures (RX) down 20 ticks at 171.52 (L: 171.46 / H: 171.82)

* Germany: 2-Yr yield is up 0.3bps at -0.587%, 5-Yr is up 0.7bps at -0.51%,

10-Yr is up 1.1bps at -0.208%, and 30-Yr is up 1.2bps at 0.307%.

* Mar BTP futures (IK) up 62 ticks at 142.81 (L: 142.31 / H: 143.03)

* Italy / German 10-Yr spread 6.6bps tighter at 158.9bps