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Belly underperforms ahead of APF sales op results

GILTS
  • 10-year gilts have moved largely in line with 10-year Bunds today, but the real story of the day has been that moves have been relatively rangebound (staying in a 100.55-100.87 range since 9:20BST), although we have just moved below that 100.55 level at the time of writing (albeit still above the intraday low of 100.43).
  • We have moved into the bidding window for today's BOE medium-dated APF sales with GBP750mln of 7-20 year gilts on offer.
  • Moving into this window we have seen the belly of the 5s10s30s curve underperform.
  • After that, attention will turn to tomorrow's labour market data (due pre-market open at 7:00BST). We will receive another reading ahead of the June MPC meeting, but tomorrow's data will still provide the tone to the gilt market until we receive another CPI print next week.
  • 2y yields up 2.7bp today at 3.815%, 5y yields up 2.8bp at 3.623%, 10y yields up 3.4bp at 3.809% and 30y yields up 2.6bp at 4.240%.
  • 2s10s up 0.7bp today at -0.6.bp and 10s30s down -0.8bp at 43.1bp.
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