EGB/GILT SUMMARY: Most of the focus....>

BOND SUMMARY: EGB/GILT SUMMARY: Most of the focus was on the EU Commission

proposal, which would include EU500bn in grants and EU250bn in loans to combat

the Covid-19 crisis. 

-The EUR and peripherals took the plan in its stride, pushing the currency and

peripheral Bonds higher, as they would benefit most from the deal, if/when it is

to pass. 

-The proposal has to be agreed by all 27 members states and we are likely to see

plenty of debates in the coming weeks. 

-Italy, Spain and Portuguese bind rallied, and their respective spreads

tightened against the German 10yr. 

-Greece is outperforming, trading 7.8bps tighter, Italy 4.3bps, Portugal 4.2bps

and Italy 4bps. -Gilts have traded in a 24 ticks range, with most of the volume

dominated by more position roll into the September contract. 

- Gilt futures are up 0.13 today at 138.13 

- Bund futures are down -0.01 today at 172.15 

- BTP futures are up 0.59 today at 142.04