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EGB/Gilt: While equities and FX........>

BOND SUMMARY
BOND SUMMARY: EGB/Gilt: While equities and FX markets trade in a risk-off
fashion, European govies are trading mixed. 
- Gilts have firmed and recovered yesterday's losses. Cash yields are broadly
2-3bp lower and the curve is close to flat overall.
- Bunds have firmed and trade a touch above yesterday's closing levels. Current
yields: 2-year -0.6728%, 5-year -0.6531%, 10-year -0.4554%, 30-year -0.0271%.
- OATS trade mixed and close to unch on the day.
- BTPs have sold off with cash yields 1-3bp higher on the day.
- Supply this morning came from France (OATs, EUR10.8n & Linkers, EUR1bn), Spain
(Bonos/Oblis, EUR6bn) and Ireland (bills, EUR0.75bn).
- Attention is fixed on the upcoming ECB meeting today. Consensus expects no
change in monetary policy, but there could be a lot of interesting questions
around the ECB's interpretation of recent economic data and how it will
determine when the coronavirus crisis is over (which will determine the PEPP
lifespan).

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