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Bull Flattening

GILT SUMMARY

Gilts have progressively traded firmer through the session with the long-end of the curve outperforming.

  • Cash yields are 1-5bp lower on the curve with the 2s30s spread 4bp narrower. Last yields: 2-year 0.0518%, 5-year 0.3063%, 10-year 0.7209%, 30-year 1.2583%.
  • The Sep-21 gilt future trades at 128.01, 17 ticks off the day's high.
  • The DMO earlier sold GBP1.0bn of the 0.125% Aug-31 linker.
  • The BoE purchased GBP1.147bn of medium-dated gilts with offer-to-cover of 2.39x.
  • Discussions between Westminster and Brussels on Northern Ireland border checks have ended without agreement. US President Joe Biden has warned the UK and EU not to undermine peace in Northern Ireland
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