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DUTCH T-BILL AUCTION RESULTS

3/5-month DTCs

EQUITIES

EU Bank stock call spread

EFSF ISSUANCE

3/10-year syndication: Final terms

GERMAN T-BILL AUCTION RESULTS

6-month Bubills

FOREX

USD Edges Lower Still Ahead of Critical Week

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Risk is slightly on the front foot.....>

BOND SUMMARY
BOND SUMMARY: Risk is slightly on the front foot this morning with equities, oil
and core bond yields all moving a little higher so far this morning.
- The highlight of the morning was the Bank of England monetary policy decision
and release of the Monetary Policy Report. Some had been expecting an increase
in QE (and two members did indeed vote for another GBP100bln) but the Bank
decided to leave its options open and keep the stock of QE unchanged, noting
that the currently announced GBP200bln would not have been exhausted before the
next MPC meeting.
- Elsewhere across Europe there have been some chunky French and Spanish bond
auctions this morning.
- Looking ahead claims will be closely watched today - both initial and
continuing. All economists are still looking for continuing claims to increase
this week but note they are lagged by a week compared to initial claims. We will
also hear from ECB President Lagarde and the Fed's Bostic, Kashkari and Harker.
- TY1 futures are up 0-1 today at 138-18+ with Bund futures down -0.02 at 173.28
and Gilt futures down -0.16 at 137.55.

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