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Decent sell-off post-APF

GILTS
  • Gilts selling off as there was a decent increase in the offer-to-cover of the long-dated APF today. However, a large part of the increase in the offer-to-cover came from the 1.25% Jul-51 gilt becoming eligible for the operation (it wasn't last week).
  • So in reality it wasn't as big a jump in the offer-to-cover as the headline suggests.
  • That hasn't stopped yields jumping higher, though. And the move is happening across the curve with 2s10s only up 1.2bp on the day.
  • Gilt futures now look to test immediate support at 124.83, the Sep 30 low. Below here is 124.64, the 1.382 projection of the Aug 31 - Sep 17 - 21 price swing.
  • 2y yields up 4.2bp today at 0.443%
  • 5y yields up 4.5bp today at 0.672%
  • 10y yields up 5.4bp today at 1.064%
  • 30y yields up 5.4bp today at 1.431%
  • 2s10s up 1.2bp today at 62.1bp
  • 10s30s unch today at 36.7bp
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