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European govvies have broadly..........>

BOND SUMMARY: European govvies have broadly rallied this morning, albeit with
Italian and Greek bonds trading weaker.
- All eyes are on the FOMC meeting later today and the ECB Governing Council
meeting tomorrow. Consensus expects no significant change in monetary policy at
the ECB meeting, with a minority expecting an increase in the PEPP.
- Despite consistently signalling that the UK government does not want to
prematurely reverse the lockdown measures, regular reports of a softening stance
and signs of gradual relaxation across Europe suggest that Downing Street is
inching closer to an exit strategy.
- Gilts have been bid with the curve trading flattening. 30/40/50-year benchmark
yields are down 3bp on the day.
- Bunds similarly trade firm with yields 2-3bp lower.
- OATs are slightly outperforming with 3/5-year yields down 4bp.
- BTPs have given back some of yesterday's gains after Fitch cut the sovereign
credit rating and partially offset S&P's decision last Friday to maintain the
existing rating. BTP yields are up 2-4bp. 

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