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GILTS: Aug 27 Resistance Holds, 10-year Spreads To Bunds and USTs Still Tighter

GILTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

Gilt futures were unable to push through resistance at 99.21 (Aug 27 high) following the US ISM data, but remain sharply stronger this afternoon alongside wider core FI, last 98.98 (+80 ticks today).

  • 10-year Gilt spreads to Bunds and Treasuries remain tighter today, likely aided by the removal of hedging pressure associated with today’s 15-year Gilt syndication.
  • The syndication also saw solid demand metrics, with order books in excess of GBP110bln.
  • SONIA futures are +0.5 to +7.5 ticks through the blues, while BoE-dated OIS price 40bps of easing through year-end (vs 39bps this morning).
  • The final August services PMIs headline tomorrow’s regional calendar, though US job openings data will likely have more market-moving potential.
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Gilt futures were unable to push through resistance at 99.21 (Aug 27 high) following the US ISM data, but remain sharply stronger this afternoon alongside wider core FI, last 98.98 (+80 ticks today).

  • 10-year Gilt spreads to Bunds and Treasuries remain tighter today, likely aided by the removal of hedging pressure associated with today’s 15-year Gilt syndication.
  • The syndication also saw solid demand metrics, with order books in excess of GBP110bln.
  • SONIA futures are +0.5 to +7.5 ticks through the blues, while BoE-dated OIS price 40bps of easing through year-end (vs 39bps this morning).
  • The final August services PMIs headline tomorrow’s regional calendar, though US job openings data will likely have more market-moving potential.