Global Government bonds are off........>

BOND SUMMARY: Global Government bonds are off their lows during our London

morning session. 

-Bund started the session back on the front foot on the open, given that the

-0.40% yield level yesterday, provided as expected some selling interest in the

futures contract. The pullback was seen as more corrective, but also better

selling interest as we challenge yields last tested back in October. 

-Bunds are underpinned and testing 174.00 at the time of typing. 

-BTP are once again outperforming Bund, with the German/Italian 10 yr spreads

2bps tighter, trading towards levels seen back in November. 

-Gilts have been mixed and despite the better GBP sell off in early trading on

the back of the USD buying across the board, it seems that "no cut" positioning

ahead of the BoE tomorrow has been favoured. -Gilts are still up 15 on the day

underpinned by other Govies. 

-Treasuries saw some really decent buying in early trading, with more news of

travel ban within Asia on the back of the Coronavirus. 

-TYA are 6 up on the day with 400k lots traded so far.