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A Little Cheaper To Start


Gilts are more reluctant to turn bid than European peers, leaving futures -30 or so near 97.90, ~10 ticks off the base of an early ~40 tick range. Cash gilt yields are 1-2bp higher with a light steepening bias seen.

  • Domestic headline flow remains light, with the modest cheapening in Tsys since yesterday’s gilt close having some influence.
  • SONIA futures last show unchanged to 2bp softer on the day.
  • BoE-dated OIS is little changed to 1.5bp firmer on the day, with no meaningful movement in pricing vs. levels flagged pre-gilt open.
  • The release of the BoE’s FSR headlines the thin local docket today.
  • We will also get GBP3bn of 0.875% Jul-33 green gilt supply.
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