In line with other global bond.........>

GILT SUMMARY: In line with other global bond markets, gilts have sold off today

as equities have moved higher (although they are off the lows of the day). Over

the week now, gilts have retraced most of last week's rally despite an emergency

50bp cut from the Bank of England on Wednesday.

- There was little of note in today's Bank of England Minutes with the most

interesting aspects being snippets from the Agents Report. Some reported early

signs of consumer stockpiling, that there was also an early hit to manufacturing

supply chains but most notably agents report the economic impact of coronavirus

was "broadening, moving fast".

- The UK government last night announced it was moving into the "delay phase".

- Gilt futures are down -1.57 today at 135.70.

- 2y yields up 8.7bp today at 0.276%

- 5y yields up 10.6bp today at 0.327%

- 10y yields up 14.6bp today at 0.406%

- 30y yields up 20.2bp today at 0.864%

- 2s10s up 5.8bp at 12.9bp, 10s30s up 5.6bp at 45.8bp