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BEAR STEEPENING

GILT SUMMARY

Gilts have been offered today and the curve has bear steepened alongside the broader global risk-on theme.

  • The Sep-20 gilt future trades at 136.66, 5 ticks off the day's low.
  • Cash yields are 2-4bp higher and the curve ~2bp steeper. Last yields: 2-year -0.0299%, 5-year -0.0143%, 10-year 0.2500%, 30-year 0.8236%.
  • The short sterling futures strip has steepened with whites flat/1.0 ticks higher and greens/blues down 2.5-3.5 ticks.
  • The DMO earlier sold GBP3.00bn of the 0.125% Jan-26 gilt and GBP1.25bn of the 1.625% Oct-54 Gilt.
  • The data calendar will remain light this week with just the Lloyd Business Barometer for August and Nationwide House Price Index data for the same month due to be published on Friday.
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