As to be expected, a fairly range......>

BOND SUMMARY: As to be expected, a fairly range bound session for Global Govies

ahead of the awaited Main Event.

-EGB's were better bid throughout our morning session, with the likelihood of

some short term punt going into the ECB and/or potential positioning.

-BTP kept at pace with Bunds, leading the contract into positive territory.

-Peripherals are mixed with best performer against the German 10s, Greece at

4.4bps tighter on the spread, and the worst Italy at 1.5bps wider. 

-Gilts have somewhat struggled on the back of the better bid in GBPUSD, but the

move in the FX pair was more a USD sell off function. USD is broadly offered

across the board in G10 and EM FX.

-There was very little to report in Treasuries, with price action taking their

cue from European Government Bonds.

-ALL EYES on the ECB with plenty of split consensus out there.