EGB/Gilt: It has been a quiet..........>

BOND SUMMARY: EGB/Gilt: It has been a quiet morning for EGBs and gilts. Gilts

fell on the open, reacting to the moves in other core bond markets seen on

Friday after the better than expected US employment report. However, through the

rest of the day, Bunds have marginally under performed gilts. EGB spreads are

largely unchanged.

- Headlines this morning have quoted Merkel as saying that the German

Constitutional Court's ruling on the ECB asset purchase programme is "solvable".

- Gilt markets are focused on the details of the next stages of exiting the

lockdown following Prime Minister Boris Johnson's televised address to the

nation last night. A 50-page guidance document is due to be released today and

debated in parliament with First Secretary Raab due to give guidance to

employers at 14:00BST on how those who can't work from home can safely go back

to work. Schools may open in a phased fashion from 1 June with hospitality

industries reopening from July.

- Bund futures are down -0.25 today at 173.52 and Gilt futures down -0.17 at

137.52.