Gilts opened lower this morning........>

GILT SUMMARY: Gilts opened lower this morning after the long weekend. This

followed the move lower by Bunds and Treasuries on Friday after the better than

expected US employment report. Since then there has been little to move the

market but gilts have gradually drifted higher today.

- The government set out its full document on the next steps of the lockdown. It

was confirmed the intention was to have all primary school children in school

for at least a month before the summer holidays with a phased introduction to

primary schools and nurseries from June 1. Face coverings were recommended in

confined spaces for the first time while the UK govt is to look into New

Zealand's "bubble" idea of allowing two households to exclusively see each

other. Retailers are also due back on June 1 with other leisure and hospitality

businesses starting back from July 4. The guidance also clearly states that

people should go back to work if they can't work from home if their workplace is

open.

- Gilt futures are down -0.32 today at 137.37 with 10y yields up 2.9bp at 0.264%

and 2y yields up 1.1bp at 0.00%.