Pares some gains, but still in the green

A more steady session today, with the lack of data or risk event.

• German still sits bull flatter despite giving back some of this morning's gains.
• The Driver was US treasuries, after Fed announced that SLR will expire on the 31st of March.
• This triggered some decent selling in US, dragging Europe with it.
• Nonetheless, Bund has since recovered from the low and still sits 43 ticks up at the time of typing.
• Peripheral spreads are pretty much flat, down just 0.2bp
• Looking ahead, after markets, sees rating from S&P on Belgium and Spain, Moody on EU and Portugal, DBRS on Greece
• Jun Bund futures (RX) up 41 ticks at 171.13 (L: 170.93 / H: 171.43)
• Germany: The 2-Yr yield is down 1bps at -0.695%, 5-Yr is down 2bps at -0.638%, 10-Yr is down 2.5bps at -0.289%, and 30-Yr is down 1.6bps at 0.285%.
• Jun BTP futures (IK) up 21 ticks at 149.04 (L: 148.82 / H: 149.45)
• Jun OAT futures (OA) up 34 ticks at 161.83 (L: 161.64 / H: 162.13)
• Italian BTP spread up 0.9bps at 96.2bps
• Spanish bond spread up 0.2bps at 64.1bps
• Portuguese PGB spread up 0.1bps at 52.7bps
• Greek bond spread down 1.4bps at 121.2bps