Safe havens have regained most.........>

BOND SUMMARY: Safe havens have regained most overnight losses triggered on hopes

of an effective Gilead-made treatment for COVID-19, but the overall risk-on tone

remains, with equities off highs but sustaining overnight gains.

- Bond markets largely shrugged off the major China GDP contraction (which was

expected) and even a sharp drop in oil prices (WTI down 7+%) which previously

had been a harbinger of weaker equities.

- Risk-on atmosphere helping EGB peripheries, Italy 10Yr spread 4.2bps tighter.

- 2nd-tier econ data on Friday and no bond supply of note.

- More focus in the space are buyback and issuance plans: BOE to announce next

week's QE schedule at 1200BST, while the US Treasury's Primary Dealer Agenda is

out (we expect at 1200ET).

** Latest levels:

* Jun Bund futures (RX) down 2 ticks at 172.65 (L: 172.17 / H: 172.77)

* Jun Gilt futures (G) up 2 ticks at 136.95 (L: 136.7 / H: 137.03)

* Jun BTP futures (IK) up 51 ticks at 137.96 (L: 137.7 / H: 138.52)

* Jun U.S. 10-Yr futures (TY) down 8.5/32 at 138-31 (L: 138-17 / H: 139-01)