/EGBs-GILTS CASH CLOSE: The German curve......>

BONDS: /EGBs-GILTS CASH CLOSE: The German curve saw strong bull flattening late

in the session, with risk appetite crashing lower on a variety of US headlines

(COVID, Trump, China-US relations). Periphery spreads moved wider too, with

Italy underperforming (continuing its role as the high-beta peripheral credit).

UK yields fell but no particular direction in the curve. Closing levels:

* Germany: The 2-Yr yield is down 1.6bps at -0.684%, 5-Yr is down 1.9bps at

-0.658%, 10-Yr is down 2.3bps at -0.463%, and 30-Yr is down 2.5bps at -0.034%.

* UK: The 2-Yr yield is down 1.8bps at -0.092%, 5-Yr is down 1.9bps at -0.06%,

10-Yr is down 2.5bps at 0.158%, and 30-Yr is down 1.1bps at 0.633%.

** 10-Yr Periphery EGB Spreads:

* Italian BTP spread up 4.5bps at 168.7bps

* Spanish bond spread up 2.1bps at 87.1bps

* Portuguese PGB spread up 3.3bps at 88bps

* Greek bond spread up 1.6bps at 156.1bps