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Focus this afternoon has been on the...>

GILT SUMMARY: Focus this afternoon has been on the ECB Governing Council
meeting. The ECB's decision to introduce non-targeted pandemic emergency TLTROs
(PELTROs) and loosen conditions on the TLTRO-III triggered a rally in core EGBs,
which spilled over into the gilt market.
- The Jun-20 gilt future trades at 137.64, near the highs of the day and up
around 23 ticks since the ECB policy decision was announced.
- The gilt curve has bull flattened with the 2s10s spread narrowing 2bp. Cash
yields are 2-5bp lower on the day.
- UK Prime Minister Boris John is due to provide further details on the
government's lockdown exit strategy with hints that the existing measures could
be in place until June. 
- The Nationwide House Price index update for April will be published tomorrow,
followed by monetary supply and credit data for March. 

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