Relative to some of the recent price...>

BOND SUMMARY: Relative to some of the recent price action seen in bond markets,

it has been much less volatile today.

- Core bonds have moved higher, and moves are still in the double figure basis

points but we are well within recent ranges. Treasuries are leading gilts which

are outperforming Bunds. This is in line with the move higher in equities.

- EGB spreads are all fairly well contained today, with peripheral spreads all

within 5bp of their recent ranges.

- This morning the UK DMO released its updated auction calendar for FQ1 and

stated that it would release a revised remit which would include Covid19

stimulus measures on April 23, shortly after the CGNCR outturn for fiscal

2019/20 was known. UK borrowing data for February was better than expected, but

this is of course before any stimulus measures have been paid for and before any

hit to the UK economy.

- Oil prices will need to be watched for their impact on breakevens after

reports that President Trump could try and broker a deal between Saudi Arabia,

Russia and US shale.