Risk off sentiment continues to rein...>

BOND SUMMARY: Risk off sentiment continues to rein supreme, particularly for

EGBs with 10y Bund yields making new lows again and 10y gilt yields reaching

their lowest levels since 2016. USTs continue to whip around.

- There has been little notable economic data this morning, with the highlight a

mixed German factory orders print and confirmation of Eurozone Q1 growth at

0.4%. US trade data will be released later today but the highlight will be the

ECB meeting and press conference. Any changes to forward guidance will be

closely watched, while the terms of TLTRO III are expected to be announced

today. With inflation market-based inflation expectations failing significantly

recently, the ECB's new forecasts will also be closely scrutinised.

- TY1 futures are up 0-6+ today at 127-06 with 10y UST yields down -3.7bp at

2.099% and 2y yields down -4.1bp at 1.817%.

- Bund futures are up 0.22 today at 171.38 with 10y Bund yields down -0.9bp at

-0.236% and Schatz yields up 0.1bp at -0.686%.

- Gilt futures are up 0.28 today at 130.26 with 10y yields down -2.2bp at 0.841%

and 2y yields down -1.7bp at 0.549%.