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GILTS: 10-year Gilt/Bund Spread Widens As UK Markets Catch Up

GILTS

The 10-year Gilt/Bund spread has mechanically widened over 4bps this morning to 174bps, as UK markets catch-up with FI counterparts following yesterday’s Bank holiday. This week’s UK data calendar lacks tier 1 releases, with focus on remarks from BoE's resident hawk Mann, due to speak tomorrow in Frankfurt.

  • A near 3% surge in crude futures following Libyan supply outages weighed on global FI yesterday.
  • The UK cash curve has bear steepened, with yields 3.5 to 4.5bps higher.
  • In futures, U4 remains the active contract, though the roll to Z4 will likely be complete by tomorrow/Thursday. U4 currently trades -41 ticks at 99.53, with Z4 -50 ticks at 98.98.
  • Overnight, the BRC shop-sales index fell 0.3% Y/Y (vs 0.2% prior).
  • A reminder that BoE Governor Bailey re-iterated the August MPS guidance in his Jackson Hole remarks on Friday, endorsing a “steady course” for monetary policy.
  • UK PM Starmer is expected to deliver his “State of the Nation” speech at around 10am today.
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

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