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GILTS: Modest RV Concession For 10s Into Supply

GILTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

Very modest RV concession for 10s ahead of this morning’s GBP3.75bln 10-year 4.25% Jul-34 gilt auction.

  • A reminder that there has been some variance in tail width at the recent rounds of 10-Year supply, introducing some risk around today’s sale.
  • 10s are off recent richest levels on both the 5-/10-/15- and 5-/10-/20-Year butterfly, presenting less of an RV headwind.
  • Meanwhile, 10-Year swap spreads continue to operate around cycle tights, with the pricing of BoE rate cuts, QT and risk of increased issuance weighing on swap spreads in recent times.
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Very modest RV concession for 10s ahead of this morning’s GBP3.75bln 10-year 4.25% Jul-34 gilt auction.

  • A reminder that there has been some variance in tail width at the recent rounds of 10-Year supply, introducing some risk around today’s sale.
  • 10s are off recent richest levels on both the 5-/10-/15- and 5-/10-/20-Year butterfly, presenting less of an RV headwind.
  • Meanwhile, 10-Year swap spreads continue to operate around cycle tights, with the pricing of BoE rate cuts, QT and risk of increased issuance weighing on swap spreads in recent times.