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Bull Flattening

GILT SUMMARY

Following a quiet start marked by sideways trading during the morning session, gilts started to rally towards midday.

  • The curve has bull flattened with particularly sharp price action at the longer end. Cash yields are up to 7bp lower on the day. Last yields: 2-year -0.0442%, 5-year -0.0453%, 10-year 0.2416%, 30-year 0.7939%. The 2s30s spread is 5bp narrower.
  • The Dec-20 gilt future trades at 135.86, near the top end of the day's range (L: 135.34 / H: 135.91)
  • The DMO earlier sold GBP1bn of the 1.625% Oct-71 Gilt and GBP3.25bn of the 0.125% Jan-24 Gilt. A further GBP249.999mn and GBP260.742mn, respectively of each issue was purchased through the PAOF. Tomorrow the DMO will sell GBP2.5bn of the 0.375% Oct-30 Gilt.
  • The BoE purchased GBP1.473bn of long-dated gilts with offer-to-cover of 1.82x.
  • Thursday will see the release of money supply, consumer credit and mortgage approval data for September.
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