Bonds have been under pressure.........>

BOND SUMMARY: Bonds have been under pressure following a number of news reports

surrounding progress being made on a vaccine and in the treatment of

coronavirus. A Sky News story suggested a UK team is readying a vaccine that

could be useful in a second wave outbreak (but not for the current outbreak). A

separate story overnight from a Chinese news site backed by the Wuhan govt

suggested two drugs which can help to "curb" the virus. While unsubstantiated

tweets have stated that Chinese TV reported that Zhejiang University "has found

an effective drug to treat people" with coronavirus.

- TY1 futures are down -0-8 today at 130-20+ with 10y UST yields up 2.9bp at

1.629% and 2y yields up 1.8bp at 1.430%.

- Bund futures are down -0.60 today at 173.93 with 10y Bund yields up 2.7bp at

-0.373% and Schatz yields up 1.2bp at -0.646%.

- Gilt futures are down -0.65 today at 133.84 with 10y yields up 3.9bp at 0.604%

and 2y yields up 1.1bp at 0.503%.