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Curves bull flatten ahead of ISM and first BOE active gilt sales op

BONDS
  • Gilt futures jumped higher on the open this morning but helped pull Treasuries and Bunds higher. However, the moves in 10-year gilt yields today are now similar to those seen in other core fixed income markets. Curves are bull flattening.
  • Markets had been focused on various UK media reports pointed to further tightening of fiscal policy in the Autumn Statement.
  • Looking ahead to today's events we have US ISM and JOLTs data - with both likely to be closely watched ahead of tomorrow's FOMC decision.
  • We will also have the first active gilt sales operation from the Bank of England with GBP750mln of short-dated (3-7 year) gilts on offer to the market, with the results shortly after the operation concludes at 14:45BST.
  • TY1 futures are up 0-18+ today at 111-05+ with 10y UST yields down -6.3bp at 3.987% and 2y yields down -5.2bp at 4.433%.
  • Bund futures are up 0.90 today at 139.34 with 10y Bund yields down -6.7bp at 2.072% and Schatz yields down -4.2bp at 1.885%.
  • Gilt futures are up 0.89 today at 103.02 with 10y yields down -6.8bp at 3.438% and 2y yields down -6.1bp at 3.186%.
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