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GILTS: Lagging Bunds

GILTS
CEEMEABulletUKMarketsFixed Income Bullets

Gilts underperform EGBs, with the initial uptick sold into.

  • Futures peaked at 95.71, faded to 95.53, before recovering to ~95.65 last.
  • Yields 0.5-1.5bp lower across the curve, light bull steepening.
  • 10s register the lowest level seen since October 28, 4.285%.
  • 10s spread to Bunds 1bp wider at 214.5bp, ~2bp off recent closing cycle highs.
  • SONIA futures still around pre-gilt open levels, last flat to +3.0.
  • Little of note on the UK calendar today, which will leave most of the focus on spillover from European data (national CPI readings), ECB speak and French fiscal/political matters.
  • A reminder that the U.S. will observe the Thanksgiving holiday today, thinning out broader market liquidity.
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Gilts underperform EGBs, with the initial uptick sold into.

  • Futures peaked at 95.71, faded to 95.53, before recovering to ~95.65 last.
  • Yields 0.5-1.5bp lower across the curve, light bull steepening.
  • 10s register the lowest level seen since October 28, 4.285%.
  • 10s spread to Bunds 1bp wider at 214.5bp, ~2bp off recent closing cycle highs.
  • SONIA futures still around pre-gilt open levels, last flat to +3.0.
  • Little of note on the UK calendar today, which will leave most of the focus on spillover from European data (national CPI readings), ECB speak and French fiscal/political matters.
  • A reminder that the U.S. will observe the Thanksgiving holiday today, thinning out broader market liquidity.