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Firm Start To The Week

GILT SUMMARY

Gilts started the week on a firmer footing, while lacking clear direction through the session.

  • Cash yields are broadly 1-2bp lower on the day with the curve similarly 1-2bp flatter. Last yields: 2-year 0.0347%, 5-year 0.3439%, 10-year 0.8206%, 30-year 1.3676%.
  • The Jun 21 gilt future trades at 127.96, near the middle of the day's range (L: 127.96 / H: 128.09).
  • Short sterling futures are broadly 0.5-1.0 ticks higher in whites/reds/greens/blues
  • The BoE purchased GBP1.147bn of short-dated gilts with offer-to-cover of 2.79x.
  • Tomorrow sees the release of public finance data for April.

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