/EGBs-GILTS: It has been a risk off....>

BOND SUMMARY: /EGBs-GILTS: It has been a risk off morning following through from

Wednesday's COVID jitters, with equities only now bouncing off the lows and

Bunds/Gilts off best levels. Periphery spreads wider (Greece underperforming).

- Headlines came out that the German top court rejected a separate challenge (vs

the infamous May 5 ruling) against ECB's expanded asset purchases. Seemingly

risk-on but safe havens rallied, perhaps continuing the earlier risk-off move.

- UK May CBI Distributive Trades data at 1100BST. Plenty of Central Bank events:

ECB Jun monetary policy accounts at 1230BST, Schnabel at 1330BST, Mersch and

Knot at 1530BST.  BOE's Haldane speaks at 1800BST.

- Italy sells E4.5-5.5bn BTPEi/CTZ; UK sells GBP1.1bln linkers. Latest levels:

* Sep Bund futures (RX) up 32 ticks at 176.33 (L: 176.09 / H: 176.43)

* Sep Gilt futures (G) up 38 ticks at 137.69 (L: 137.52 / H: 137.72)

* Sep BTP futures (IK) down 41 ticks at 143.31 (L: 143.19 / H: 143.8)

* Italy / German 10-Yr spread 4.4bps wider at 175.1bps

* Sep OAT futures (OA) up 12 ticks at 167.45 (L: 167.36 / H: 167.54)