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GILTS: Futures Back Towards Yesterday's Low

GILTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

The belly continues to lead the move lower in gilts following soft demand at this morning’s 7-Year auction.

  • Broader drivers of subsequent bond weakness have been flagged elsewhere.
  • Futures -54 at 98.68 vs. lows of 98.66, nearing initial support at yesterday’s lows (98.56).
  • Yields 4.0-5.5bp higher on the day.
  • Potential for tightener interest in the 10-Year Gilt/Bund spread flagged in an earlier bullet.
  • BoE-dated OIS 1-6bp less dovish through mid-’25. Showing 25.5bp of cuts for Nov, 40bp through year-end and 123bp of easing through June ’25.
  • SONIA futures 0.5-4.0 lower on the day.
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The belly continues to lead the move lower in gilts following soft demand at this morning’s 7-Year auction.

  • Broader drivers of subsequent bond weakness have been flagged elsewhere.
  • Futures -54 at 98.68 vs. lows of 98.66, nearing initial support at yesterday’s lows (98.56).
  • Yields 4.0-5.5bp higher on the day.
  • Potential for tightener interest in the 10-Year Gilt/Bund spread flagged in an earlier bullet.
  • BoE-dated OIS 1-6bp less dovish through mid-’25. Showing 25.5bp of cuts for Nov, 40bp through year-end and 123bp of easing through June ’25.
  • SONIA futures 0.5-4.0 lower on the day.