EU sovereign debt markets: Liquidity on sovereign bond markets, as measured by bid-ask spreads (R.10) and the ESMA composite illiquidity indicator (R.11) remained relatively low in 1Q18 compared to historical levels. Fiscal fragilities remain at country level and repricing risk in sovereigns following a more general risk premia reversal in global markets still holds. This risk has started to materialise at the beginning of February in equity markets and with increasing sovereign bond risk premia with respect to the DE bund around the equity sell-off, although sovereign bond spreads decreased later on. Sovereign yields decreased across jurisdictions, by 18 bps on average for ten-year bonds since the end of January.