Free Trial

Futures Reverse Gains, Cash A Touch Cheaper Across Curve


The opening gap higher in futures is more than reversed, with a move away from best levels in Bunds also observed.

  • Gilt futures sit -5 as a result, with a move through Friday’s best levels failing to stick.
  • The major UK cash benchmarks run 1-2bp cheaper, with a modest steepening bias observed.
  • SONIA futures are off early highs running -0.5 to +2.0 through the blues, as the strip twist flattens.
  • Weekend comments from BoE’s Broadbent, warning of a higher for longer interest rate outlook, may have eventually helped BoE-dated OIS away from early highs, applying some light spill over pressure to Gilts.
  • That strip sees the liquid contracts running 1bp softer to 1bp firmer, twist steepening.
  • Ahead of the DMO consultation meetings with investors and GEMMs we set out our expectations for gilt issuance in FQ3 (click for the full document).
MNI London Bureau | +44 0203-865-3809 |

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.