Bonds have been on the front foot......>

BOND SUMMARY: Bonds have been on the front foot this morning with big moves

starting around 9:38GMT, but the moves don't seem to have been driven by any new

headlines. Risk-off has been the name of the game this morning and while Draghi

and Praet have both been speaking, none of their comments are really new

information.

- STIR markets have seen considerably moves this morning, particularly

Eurodollar futures. USTs have made new cycle highs and Bund yields are now

comfortably below zero.

- TY1 is up 0-13+ this morning to 124-26+ with 10y UST yields down 5.8bp to

2.365% and 2y yields down 8.0bp to 2.186%.

- Bund futures are 0.60 higher today. 10y Bund yields are down 4.1bp on the day

at -0.056% with Schatz yields down 0.9bp at -0.571%.

- Gilt futures are up 0.33 at 129.59 with 10y yields down 2.9bp to 0.980% and 2y

yields down 2.0bp at 0.641%.

- GGB and BTP spreads to Bunds have widened this morning, with BTP spreads

around 11bp sider on the day.