European govvies have firmed this......>

BOND SUMMARY: European govvies have firmed this morning as the Coronavirus-led

risk-off move continues. 

- The UK's decision to allow Huawei limited involvement in the development of

the 5G network has ruffled Washington at a time when Westminster is seeking to

negotiate an ambitious trade deal. 

- Gilts opened stronger and have been trading sideways through the morning.

Current yield levels: 2-year -0.435%, 5-year 0.386%, 10-year 0.532%, 30-year

1.043%.

- Bund yields are 1-3bp lower with the curve bull flattening.

- OATs have outperformed with yields up to 4bp lower. The 2s10s and 2s30s

spreads have narrowed 3bp.

- BTPs have rallied strongly with yields 4-7bp lower. Current yield levels:

2-year -0.200%, 5-year 0.365%, 10-year 0.966%, 30-year 1.990%.