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Bull Flattening

GILT SUMMARY

Gilts have traded firmer today and the curve has bull flattened, while equities have managed to hold on to some of the early gains.

  • Gilt cash yields are 2-4bp lower on the day with the curve 2bp flatter. Last yields: 2-year 0.0775%, 5-year 0.3719%, 10-year 0.8088%, 30-year 1.3551%.
  • The Jun 21 gilt future trades at 127.92, near the top of the day's range (L: 127.32 / H: 128.05).
  • Mirroring similarly above consensus euro area PMI prints this morning, today's final UK manufacturing PMI estimate for March beat expectations (58.9 vs an initial read of 57.9).
  • The DMO earlier sold GBP4bn of 1/3/6-month UKTBs.

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