EGBs/GILTs: Focus this morning will....>

BOND SUMMARY: EGBs/GILTs: Focus this morning will be the slew of central bank

policy meetings, which includes the Riksbank (0830GMT), Norges Bank (0900GMT)

and the BoE (1200GMT). Of these, only the Riksbank is expected to deliver a

material change in policy with a 25bps hike to the repo rate. The BoE will stand

pat, but markets will scrutinise the policy statement for any indications of how

the MPC has interpreted recent policy developments.

- Gilts have started the session on a weaker footing with yields 2bp higher.

Current yield levels: 2-year 0.538%, 5-year 0.592%, 10-year 0.793%, 30-year

1.295%.

- Core EGB curves have bear steepened at the open.

- The 2s30s bund spread has widened 2bp.

- The long end of the French OAT curve is similarly underperforming.

- The data calendar is relatively light for the rest of the day. UK retail sales

at 0930GMT, US Philly Fed and Initial Jobless Claims at 1330GMT