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Free AccessGilts initially squeezed higher in.....>
GILT SUMMARY: Gilts initially squeezed higher in London afternoon trade but then
pared those gains taking cue from fade in US Tsys following upbeat US data and
pricing of new 10-yr Irish deal, but remain sharply higher on the day. Curve is
now bull flattening as ultra long-end outperforms.
- 2-yr Gilt yield is 2.5bp at 0.476%, 5-yr -4.9bp at 0.745%, 10-yr -6.2bp at
1.225%, 30-yr -6.2bp at 1.779% and 50-yr -6.6bp at 1.585%.
- March Gilt future actually opened lower before quickly reversing higher as
markets looked to cover short positions following Tuesdays sharp sell-off. There
was initially little reaction to soft UK construction PMI data however block buy
in G H8 at 124.39 in 3k led to renewed rally in Gilts breaking through hourly
resistance level at 124.58/64.
- In the afternoon, Gilts extended gains, as US Tsy caught the buying bug, but
then faded the move after rise in US ISM manufacturing and pricing of E4bln of a
new 10-yr Irish bond.
- 2-yr swap spreads gave up some of its large tightening move seen yesterday and
are 3.5bp wider, while 10-yr and 30-yr breakevens are circa 0.5bp tighter.
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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.