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Ending On A Soft Note

GILT SUMMARY

Having opened lower, gilts lacked direction for the remainder of the session while continuing to trade below the Friday close.

  • Gilt cash yields are up to 2bp higher on the day with the short end of the curve underperforming. Last yields: 2-year 0.0421%, 5-year 0.3208%, 10-year 0.7499%, 30-year 1.2762%.
  • The Jun 21 gilt future trades at 128.60, 1 tick below the Friday close.
  • UK PM Boris Johnson has come under increased pressure in recent days as former adviser Dominic Cummings has alleged that he was willing to accept a higher death toll rather than another lockdown. This comes a time of growing criticism of private sector lobbying of the government.
  • The BoE purchased GBP1.48bn of short-dated gilts with offer-to-cover of 2.86x.
  • Looking ahead, tomorrow sees the release of CBI Reported Sales data for April.
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