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Gilts lower on the day heading into the BOE purchase op results

GILTS
  • The 10s30s curve has reversed much of its earlier steepening and around 3 minutes ahead of the deadline for today's long-dated purchase operation, the curve is trading around 15bp (down from 21.9bp earlier today). As we noted earlier, in general we are still trading below the 20.4-59.6bp range that we had seen between early July and the November MPC meeting.
  • As we noted earlier- the fact that market participants know that the BOE accepted offers at a 0.1bp discount to mid-yields on Friday might mean we see a much higher takeup of today's long-dated purchase op - and remember that the maximum size is GBP10bln today.
  • The gilt curve remains generally steeper today with yields rising across the board.
  • Gilt futures earlier breached the 93.33 level which represents the 76.4% retracement of the Sep 28 - Oct 4 rally, and traded as low as 93.13, but they have since recovered from those lows to trade at 93.40 at the time of writing.
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