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EGB/Gilt - Another 504 ticks range for Gilts

BONDS
  • EGBs and Bund pared most of their gains, after the US CPI beat expectation, with US Rates now fully pricing another 75bps hike at the next Fed meeting.
  • Despite the falls, yesterday's low 135.14 in Bund held, printed 135.15 low, and the contract has pullback above 136.00, on short Cover and squaring as we head into the later stage of the European session.
  • A massive 504 ticks range for the Gilt, after Bloomberg ran that UK officials are working on a U turn for Truss's Tax cut plan.
  • Kwarteng later said that "I'll Deliver Statement On 31 Oct".
  • BOE bought GBP3.1204bln of linkers.
  • BOE rejects GBP56.4mln of offers.
  • That was more than 50% increase vs the last couple of days purchases.
  • Looking ahead, Tomorrow sees French, Spanish final CPIs, US Retail Sales and prelim Michigan.
  • Dec Bund futures (RX) up 66 ticks at 136.5 (L: 135.15 / H: 137.54)
  • Germany: The 2-Yr yield is up 8.8bps at 1.915%, 5-Yr is up 3.5bps at 2.086%, 10-Yr is down 0.8bps at 2.306%, and 30-Yr is down 3.7bps at 2.319%.
  • Dec Gilt futures (G) up 271 ticks at 94.68 (L: 92.2 / H: 97.24)
  • UK: The 2-Yr yield is down 17.4bps at 3.843%, 5-Yr is down 19.7bps at 4.276%, 10-Yr is down 20.2bps at 4.234%, and 30-Yr is down 24.5bps at 4.573%.
  • Dec BTP futures (IK) up 96 ticks at 110.39 (L: 109 / H: 111.77)
  • Dec OAT futures (OA) up 69 ticks at 130.14 (L: 128.84 / H: 131.27)
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