A moderately risk positive day has.....>

BOND SUMMARY: A moderately risk positive day has seen equities move a little

higher while Treasuries and Bunds are a little lower on the day. Gilts are

bucking the trend, moving a little higher after a very successful auction of the

10-year benchmark that saw a very tight 0.1bp tail.

- There has been a slew of syndications this morning in the Eurozone with EIB,

Lithuania and CAFFIL among the more notable issuance. On top of that we have

seen Dutch bonds, Italian bills, a conventional gilt all sold already with Dutch

bills and a UK linker due up later today.

- US March trade data and April consumer confidence data will be posted later in

what is otherwise a quiet day ahead of tomorrow's Fed policy announcement and

Thursday's ECB announcement.

- TY1 futures are down -0-2 today at 138-19 with 10y UST yields up 0.2bp at

0.663% and 2y yields down -0.9bp at 0.214%. Bund futures are down -0.11 today at

172.34 with 10y Bund yields up 1.2bp at -0.444% and Schatz yields down -0.8bp at

-0.688%. Gilt futures are up 0.02 today at 136.83 with 10y yields up 0.6bp at

0.305% and 2y yields up 0.4bp at 0.066%.