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BONDS: Gilts Underperform Bunds Again, Schatz Supply Eyed

BONDS

Gilts underperform Bunds across the curve this morning, as markets continue to assess the chances of the BoE holding rates at next Thursday’s meeting.

  • Gilt futures are -7 at 97.87, after finding support around 97.63 (July 11 low) at the open.
  • Bunds meanwhile have rallied ~35 ticks from the intraday low (131.71) to retrace yesterday’s post-settlement selloff, currently +12 at 132.05.
  • The German and UK cash curves have bull steepened today, with the UK 2s10s operating just off last Friday’s YtD steeps.
  • The 0.125% Mar-39 index-linked Gilt auction was mixed, though had little impact on non-linker Gilt pricing. Meanwhile Germany sold E5bln of the new 2.70% Sep-26 Schatz.
  • ECB VP de Guindos hinted at September as a more “convenient” meeting to make decisions compared to July, but did not shift market pricing.
  • The remainder of today’s calendar is light, with markets focused on tomorrow’s flash PMI releases and the BoC decision.
     
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