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CURVE TWIST

GILT SUMMARY

The gilt curve has flattened through the day on the back of the short-end weakening and longer-end yields edging lower.

  • The Dec-20 gilt future trades at 136.18, 10 ticks off the day's low.
  • Last cash yields: 2-year -0.0645%, 5-year -0.0683%, 10-year 0.2098%, 30-year 0.7530%.
  • The short sterling futures strip is broadly 0.5-2.0 ticks lower in whites through blues.
  • The DMO earlier sold GBP2.50bn of the 0.375% Oct-30 Gilt. A further GBP625mn was taken up through the PAOF.
  • The BoE purchased GBP1.473bn of medium-term gilts with an offer-to-cover of 2.15x
  • Data earlier in the session showed slightly better than expected CPI data for August.
  • Ahead of the Thursday BoE monetary policy committee meeting, MNI has published its central bank preview which is available online and by email.
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