/EGBs-GILTS: Bunds and Gilts are.......>

BOND SUMMARY: /EGBs-GILTS: Bunds and Gilts are flat even amid a strong equity

rally to start the week, with periphery EGBs gaining strongly.

- This after Bunds came roaring back starting 0700BST, no specific catalyst.

- Friday's S&P rating reprieve for Italy, combined with Bank of Japan easing and

some seemingly positive COVID-19 lockdown news over the weekend has risk on the

front foot. Eurostoxx / FTSE up 2.3%/1.7%, respectively.

- 10-Yr Periphery EGBs much tighter vs Germany: Italy/Spain/Portugal 8-10bps

tighter, with Greece leading the pack, 14bps tighter.

- Pretty quiet on data/speaker front Monday (UK PM Johnson to make some comeback

remarks shortly though). As week goes on we get Riksbank and ECB decisions

(alongside the US Fed). 

- And on EGB supply, looks like this week we'll see less than 1/3 of last week's

near-EUR50bln, with the Netherlands, Italy and Germany selling. Latest levels:

* Jun Bund futures (RX) up 12 ticks at 172.88 (L: 172.23 / H: 172.91)

* Jun Gilt futures (G) down 1 ticks at 137.05 (L: 136.93 / H: 137.13)

* Jun BTP futures (IK) up 193 ticks at 138.85 (L: 138.45 / H: 139.01)