EGBs/GILTs: EGBs are bid ahead of......>

BOND SUMMARY: EGBs/GILTs: EGBs are bid ahead of today's ECB meeting. Although no

change in monetary policy is expected, the market will carefully digest any

further details on the parameters of the strategic review.

- The German bund curve is marginally flatter with the 2s10s spread 2bp

narrower. Current yield levels: 2-year -0.592%, 5-year -0.545%, 10-year -0.277%,

30-year 0.237%

- OAT yields are up to 2bp lower on the day with the short end underperforming. 

- Italian BTPs have been the big mover with yields 3-6bp lower. 

- UK government spokesman James Slack reiterated this morning that Downing

Street wants a trade deal with the US as quickly as possible. 

- Gilts have rallied and the curve has bull flattened. Current yield levels:

2-year 0.430%, 5-year 0.421%, 10-year 0.617%, 30-year 1.113%.