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GILTS: Leading The Weakness

GILTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

Gilts continue to lead the sell off in core global FI this morning, with spread widener interest vs. Bunds and the presence of 5-Year supply seemingly driving the move.

  • Gilt futures still above initial support at Monday’s low (98.30), last 98.45.
  • Yields are 5.0-6.5bp higher, with 10s leading.
  • Modest extension of the early hawkish repricing in BoE-dated OIS, 23.5bp of cuts priced for November, 36bp of easing showing through year-end and 115bp of cuts priced through June ’25.
  • SONIA futures weaken further, last little changed to -7.0, strip bear steepens. Yesterday’s lows intact across the strip.
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Gilts continue to lead the sell off in core global FI this morning, with spread widener interest vs. Bunds and the presence of 5-Year supply seemingly driving the move.

  • Gilt futures still above initial support at Monday’s low (98.30), last 98.45.
  • Yields are 5.0-6.5bp higher, with 10s leading.
  • Modest extension of the early hawkish repricing in BoE-dated OIS, 23.5bp of cuts priced for November, 36bp of easing showing through year-end and 115bp of cuts priced through June ’25.
  • SONIA futures weaken further, last little changed to -7.0, strip bear steepens. Yesterday’s lows intact across the strip.