/EGBs-GILTS: The week has kicked off...>

BOND SUMMARY: /EGBs-GILTS: The week has kicked off with choppy trade alongside

limited data/newsflow.

- Equities are up suggesting a bit of risk appetite maintained from last week,

but Italian spreads heading sharply wider (10-Yr >10bps out from Bunds).

- Portugal also wider (3.2bps); Fitch lowered its outlook on Friday to Stable

from Positive (affirmed BBB). Rest of periphery spreads steady though.

- European Council summit Thursday is taking significant focus; Repubblica

article reported that one plan is to raise at least EUR1trn via joint European

bonds, in order to provide grants and loans to countries hard-hit by COVID-19.

- As noted a slow start for the week's data across the major economies. Things

pick up a bit Tuesday with UK employment data for March and German ZEW.

- In supply, Slovakia and Belgium go to market via auction today; EFSF

dual-tranche 3-yr BNK and Oct-29 tap as well. In UK, most focus on new gilt

remit on April 23 for fiscal 2020/21. Latest fut levels:

* Jun Bund futures (RX) down 8 ticks at 172.77 (L: 172.51 / H: 172.87)

* Jun Gilt futures (G) down 17 ticks at 136.77 (L: 136.59 / H: 136.82)