Gilts have been offered today and......>

GILT SUMMARY: Gilts have been offered today and the curve has bear steepened.

Equity gains have been minimal, while oil gave up some of the earlier rally. 

- The Sep-20 gilt future trades at 136.97, 2 ticks off the day's low.

- Cash yields are 2-4bp higher, with the 2s10s spread 3bp wider on the day.

Current yield levels: 2-year -0.0

712%, 5-year -0.0191%, 10-year 0.2193%, 30-year 0.6787%.

- The DMO earlier sold GBP3.0bn of the 0.125% Jan-28 Gilt and GBP2.25bn of the

0.625% Oct-50 Gilt. A further GBP535.999mn of the 0.625% Oct-50 Gilt was sold

through the PAOF. 

- Tomorrow the DMO will sell the 4.50% Sep-34 Gilt for GBP2.0bn and the 0.625%

Jun-25 Gilt for GBP3.5bn.

- The data calendar will be light until Friday when final June prints for the

GfK Consumer Confidence and Markit PMIs (Services & Composite) will be

published. No significant revisions are expected.