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BULL FLATTENING

GILT SUMMARY

Gilts have rallied and the curve has bull flattened though the session while equities have inched higher.

  • The Dec-20 gilt future trades at 136.45, towards the top end of the day's range and 8 ticks off the high
  • Cash yields are broadly 2-4bp lower on the day. Last yields: 2-year -0.0732%, 5-year -0.0939%, 10-year 0.1880%, 30-year 0.7268%.
  • Short sterling futures are broadly 0.5-2.0 ticks higher in whites through blues, with the strip slightly flattening.
  • The DMO earlier sold GBP2bn of 1-/3-/6-month bills.
  • Data published this morning showed a slightly better than expected net public sector borrowing requirement for August (GBP35.2bn vs GBP39.5bn survey), but the overall fiscal position continues to worsen in light of ongoing income support schemes.
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