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Japanese MOF sells Y2.0685tn 5-Year JGBs:


Japanese MOF sells Y2.8674tn 1-Year Bills:


Markets Lower


Crude Futures Extend Losses


PREVIEW: 5-Year Supply Due

BOND SUMMARY: /EGBs/GILTS: European bonds are consolidating gains following
Thursday`s surprise ECB decision, and mixed Eurozone factory order data.
- German Jan factory orders were very weak at -2.6% M/M vs MNI Median +0.5% M/M;
however, France orders produced a beat (+1.3% M/M vs flat expected).
- Jun 19 Bund future is down 6 ticks at 164.48, having traded in a range of
164.41-164.74 so far. 2-Yr yield is up 0.5bps at -0.542%, 5-Yr up 0.7bps at
-0.361%, 10-Yr down 0.1bps at 0.066%, and 30-Yr up 0.3bps at 0.733%.
- ECB's Nowotny said earlier that TLTRO details will be announced in June.
- Italian BTP spreads giving back some of Thursday`s post-ECB gains, with Jun 19
BTP future is down 14 ticks at 129.09. 10-Yr spread/Bunds up 4.2bps at 244.4bps.
- Spain, Portugal, Greece spreads 1-2bps wider as well this morning.
- Gilts are a little softer Friday, Jun 19 futures down 25 ticks at 127.21, and
a bit of bear steepening in the cash curve.
- Few Brexit developments of note ahead of Meaningful Vote 2 on Tuesday.
- Italy industrial data up at 0900GMT; beyond that all eyes on the data front
are on US nonfarm payrolls at 1330GMT.