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GILTS: Little Changed On The Day, Well-Received Auction Provides Support

GILTS

Gilt futures are at the peak of their narrow 21-tick range, last +6 at 98.94.

  • The contract holds below 99.00, with familiar technical parameters in place.
  • Cash gilt yields are little changed on the day.
  • A light bid was seen in the front end of the curve on the back of solid demand metrics at the latest Mar ’27 gilt auction.
  • SONIA futures & BoE-dated OIS are little changed on the day, showing ~72bp of ’24 cuts.
  • UK headline flow remains light, with broader macro focus on today’s U.S. CPI release.
  • The proximity to that datapoint seems to be limiting wider market activity.

BoE Meeting

SONIA BoE-Dated OIS (%)

Difference Vs. Current Effective SONIA Rate (bp)

May-24

5.152

-4.6

Jun-24

5.025

-17.3

Aug-24

4.871

-32.7

Sep-24

4.752

-44.6

Nov-24

4.601

-59.7

Dec-24

4.480

-71.8

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
CEEMEABulletUKGlobalFixed Income BulletsMarkets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
CEEMEABulletUKGlobalFixed Income BulletsMarkets

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