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EGBs/GILTs: Yesterday's safe haven.....>

BOND SUMMARY
BOND SUMMARY: EGBs/GILTs: Yesterday's safe haven play has reversed somewhat
today with equities rebounding, core European sovereigns selling off and
eurozone periphery yields falling. 
- Having extended a travel ban across Italy, the government is now reportedly
negotiating with banks to provide relief on mortgage payments for homeowners
affected by Coronavirus. In the UK, Royal Bank of Scotland has announced a
similar scheme according to Reuters.
- Speculation is mounting that the UK government could announce a significant
fiscal boost in response to the coronavirus.
- The gilt curve has bear steepened with 2s10ss trading up 15bp.
- The bund sell-off has been similarly more pronounced at the longer end with
the 30-year benchmark yield up 14bp.
- BTPs have rallied sharply, but have only partially recovered from yesterday's
selling. Current yield levels: 2-year 0.302%, 5-year 0.794%, 10-year 1.292%,
30-year 2.162%.

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