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BoE Still A Focus Alongside US Election

GILT SUMMARY

Gilts have traded weaker and the curve has bear steepened as markets adopt a risk-on posture ahead of the US election.

  • Gilt cash yields are 3-4bp lower with the curve 1bp steeper. Last yields: 2-year -0.054%, 5-year -0.0486%, 10-year 0.2556%, 30-year 0.8188%.
  • The Dec-20 gilt future has traded down towards the lower end of the day's range (L: 135.65 / H: 136.09) and last printed 135.69.
  • The DMO earlier sold GBP2.75bn of the 0.125% Jan-28 Gilt and GBP2.0bn of the 1.25% Oct-41 Gilt. A further GBP655.625mn and GBP499.999mln of each respective issue was taken up through the PAOF.
  • The BoE purchased GBP1.473bn of long-dated gilts with offer-to-cover of 2.12x.
  • While the US election takes centre stage this week, the BoE meeting is also a focus, particularly given the ECB's pre-commitment to providing additional stimulus in December.
  • The data slate is light this week with the only releases of note being the final October PMI prints (Services/Composite on Wednesday, Construction on Thursday).
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