/EGBs-GILTS: Bunds have risen..........>

BOND SUMMARY: /EGBs-GILTS: Bunds have risen sharply, with Gilts gaining for

another day, as equities head lower Tuesday despite no obvious trigger.

- Moves this morning look corrective; Mar Bund futures (RX) are up 15 ticks at

170.91 (L: 170.65 / H: 171.01); cash German curve bull flattening.

- Gilts continue to gain; Mar futures up 35 ticks at 132.36 (L: 132.1 / H:

132.42). PM Johnson in his first live news interview since the election saying

re % probability of a comprehensive trade deal by end of this year "Enormously

likely, epically likely, I'm not going to give a percentage."

- A supply-heavy morning (Spain syndicating new Apr-30 Obli, Cyprus Jan-30 and

Jan-40) alongside M-L/T Italian BTPs for up to E6.75bln, and the Netherlands a

Green Jan-40 DSL for up to E1.25bln.

- Not much move in periphery EGB spreads.

- A minimal slate of European data Tuesday puts the focus on ECB speakers:

Mersch (0830GMT), Villeroy (1730GMT), and de Cos (1930GMT).