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EUROZONE ISSUANCE

EGB Supply for W/C Jul 26

USDCAD TECHS

Pullback Considered Corrective

US TSYS SUMMARY

What a Short, Strange Trip It's Been

GLOBAL POLITICAL RISK

Pfizer, Moderna Jabs Retain High Trust; AZ, Sputnik Lower

AUDUSD TECHS

Trend Indicators Remain Bearish

LATAM

OUTLOOK: WEEK AHEAD

Gilts are trading mixed with the.......>

GILT SUMMARY
GILT SUMMARY: Gilts are trading mixed with the belly of the yield curve little
changed, however the wings (2-yr and 30-yr) are modestly higher despite a
disappointing 30-yr Gilt re-opening auction.
- 2-yr Gilt yield is -0.7bp at 0.415%, 5-yr unchanged at 0.732%, 10-yr +0.3bp at
1.305% and 30-yr -0.4bp at 1.902% according to Tradeweb.
- Gilts opened little changed from Monday's closing levels due to lack of
direction seen overnight in Asia. However, markets were waking up to a Times
article reporting that there will be a special cabinet meeting on Thursday ahead
of May's key Brexit speech on Friday in Florence. The move seen to get some sort
of government consensus on Brexit strategy.
- There was some receiving in 5y5y and 10y5y swaps earlier which helped push
Gilts higher, while 30-yr yield dropped 3bp before its re-opening auction.
- An increase in the tail and drop in cover at the auction weighed on Gilts
though with the 30-yr paring gains by 2bps.
- 30-yr breakevens are 1.7bp wider while swap spreads are little changed