- US TSYs have been bid this morning...>

BOND SUMMARY: - US TSYs have been bid this morning with yields 2-3bps lower.

Current yield levels: 2-year 2.518%, 10-year 2.686%, 30-year 3.035%. The curve

is trading broadly flat.

- The Mar-19 JGB future trades at 152.56 off the 152.57 high of the day.

- German bunds have rallied, with no clear catalyst. Full-year GDP data show the

economy slowing in 2018, but in line with the consensus forecast. The bund curve

has flattened on the back of the longer-end outperforming with the 2s30s spread

narrowing to 141.2bps.

- French OAT yields are similarly lower across the curve, with the 3-year

benchmark underperforming on the day.

- Reflecting the broad nature of the bond rally, BTP yields have similarly

pushed lower with the short end trading near the lows of the day. The 3-year

yield trades at 0.987% down from 1.026%.

- Euro$ futures are 1.0-2.0 ticks higher, Euribor futures have traded up 0.5-2.5

ticks with greens/blues outperforming.