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Why MNI
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
MNI ASIA MARKETS ANALYSIS:Waiting For Next Inflation Shoe Drop
Key Inter-Meeting Fed Speak – Dec 2024
US TREASURY AUCTION CALENDAR: Avg 3Y Sale
GILTS: Equity Rally Weighs, Swelling IG Issuance Limits Any Recoveries
Spill over from swelling EUR & GBP IG issuance pipelines has limited recoveries in gilts, with a recovery from Friday’s lows in equity markets providing most of the selling pressure.
- Futures last -62 at 99.35 vs. lows of 99.29.
- Technical set up in the contract remains bullish, support at the 20-day EMA (99.08).
- Yields 3.5-5.0bp higher on the day, 10s lead the sell off.
- The DMO has opened the consultation for a tender of a gilt with a sub-3 year maturity this morning. It has requested feedback by 15:30 today, with Thursday flagged as a potential operation date. No tangible impact on the front end, at least when it comes to RV performance on the curve, with plans for such an operation outlined in the DMO’s quarterly issuance calendar.
- SONIA futures at/just off lows, flat to -7.0.
- BoE-dated OIS shows ~43.5bp of cuts through year end, little changed on the da
- BoE will sell GBP650mn of long dated gilts from its APF this afternoon.
- Looking ahead, the monthly labour market report (Tuesday) & GDP data (Wednesday) headline this week’s UK data releases.
BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
Sep-24 | 4.923 | -2.7 |
Nov-24 | 4.683 | -26.7 |
Dec-24 | 4.514 | -43.6 |
Feb-25 | 4.268 | -68.2 |
Mar-25 | 4.092 | -85.8 |
May-25 | 3.900 | -105.0 |
Jun-25 | 3.788 | -116.2 |
To read the full story
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Why MNI
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.