/EGBs-GILTS: Markets have suddenly.....>

BOND SUMMARY: /EGBs-GILTS: Markets have suddenly gone risk-off over the past

hour, with no particular headline trigger apparent. Bunds/Gilts are stronger,

while periphery EGB spreads are wider (equities/oil lower, USD stronger).

- Could point to a number of factors: concerns over Italy signing up to

Eurogroup deal; battles brewing between Trump and China / state governors over

COVID-19, or simply, risk-on had gone too far too fast. But nothing specific.

- Fair bit of supply today: Greece selling new 7-Yr via syndication, books are

open (guidance MS+230bps); Netherlands sells 0.0% Jul-30 DSL for E1-2bn (delayed

by yesterday's Eurex outage). Germany sells 2.5% Jul-44 bund for E1bln. And

finally, the UK sells GBP3.0bln of 0.875% Oct-29 Gilt on offer.

- Really limited data slate, with Final March inflation numbers the main items.

- At 1530BST, BOE Woods / Breeden @ TSC re econ impact of Covid19.

** Latest levels:

* Jun Bund futures (RX) up 26 ticks at 171.8 (L: 171.36 / H: 172.05)

* Jun Gilt futures (G) up 15 ticks at 136.67 (L: 136.63 / H: 136.86)

* Italy / German 10-Yr spread 4.9bps wider at 221.1bps