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GILT SUMMARY

Gilts had a strong start but gave up early gains to trade close to flat on the day.

  • Last yields: 2-year 0.0354%, 5-year 0.3283%, 10-year 0.761%, 30-year 1.2946%.
  • The Jun 21 gilt future trades at 128.47, 3 ticks above the Friday close and near the middle of the day's range (L: 128.26 / H: 128.70).
  • Short sterling futures are broadly 0.5-1.5 ticks higher in whites/reds/greens/blues.
  • The BoE purchased GBP1.48bn of short-dated gilts with offer-to-cover of 3.08x.
  • Tomorrow the DMO will offer GBP3.25bn of the 0.125% Jan-24 gilt at auction.
  • Also tomorrow, employment and earnings data for February and claims data for March will be published at 0700GMT.

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