Bunds have round-tripped over the.......>

EGB SUMMARY: Bunds have round-tripped over the course of the day, with 60+ ticks

in gains over the course of the afternoon having mostly dissipated.

- Periphery spreads a little off the highs, but look to end wider.

- Plenty of headlines this afternoon: ESM board gave the nod to EUR240bln in

pandemic crisis support (as expected); also Spiegel reporting Germany needs at

least EUR50bln for planned stimulus package, new budget could include EUR100bln

of extra debt.

- Really though it's been US Tsys leading the way lower for Bunds, against

backdrop of equities bouncing, most (terrible) U.S. data being ignored.

- Austria, France, Cyprus and the Netherlands ratings reviews this evening.

** Latest levels:

* Jun Bund futures (RX) up 14 ticks at 173.79 (L: 173.62 / H: 174.23)

* Germany: The 2-Yr yield is up 0.1bps at -0.741%, 5-Yr is up 0.9bps at -0.734%,

10-Yr is up 0.7bps at -0.536%, and 30-Yr is up 0.7bps at -0.103%.

* Jun BTP futures (IK) down 30 ticks at 137.84 (L: 137.75 / H: 138.47)

* Italy / German 10-Yr spread 1.9bps wider at 237.9bps