It has been a quiet session in.........>

BOND SUMMARY: It has been a quiet session in Europe with global bond futures

largely unch. TY1 is up 0.031 to 122.188, Bund futures are up 0.06 to 166.17 and

gilt futures are up 0.02 to 123.75.

- The main focus for the day ahead is the ECB rate decision and press conference

at 12:45GMT and 13:30 GMT respectively. The main questions in the market are

whether a new TLTRO will be announced today and how have the ECB's staff

projections evolved since the Dec update.

- Schatz yields are up 0.3bp at -0.514% with 10y Bund yields unch at 0.128%.

Peripheral spreads are generally a little wider on the day. BTP-Bund spreads are

up 3.9bp on the day at 249.8bp following weaker than expected Italian retail

sales. Greece-Bund spreads continue to widen, up 5.0bp today, following this

week's syndication.

- The gilt curve has bull flattened with 2y yields down 1.3bp at 0.740% and 10y

yields down 0.6bp at 1.221%.

- UST yields are generally 0.7bp lower across most of the curve with 30y yields

seeing a smaller move, down 0.3bp on the day.