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GILTS: No Real Concession For 30s Into Supply

GILTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

No meaningful concession on the curve for 30s ahead of today’s auction.

  • Outright yields around the lowest levels seen since mid-March. That shouldn’t be too much of a deterrent for bidders given the dovish turn in global central bank pricing over the last few days.
  • 5-/30-Year yield spread shy of cycle lows, but probably steep enough to generate solid demand.
  • 30s back from multi-month richest levels on the 20-/30-/40-Year fly.
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No meaningful concession on the curve for 30s ahead of today’s auction.

  • Outright yields around the lowest levels seen since mid-March. That shouldn’t be too much of a deterrent for bidders given the dovish turn in global central bank pricing over the last few days.
  • 5-/30-Year yield spread shy of cycle lows, but probably steep enough to generate solid demand.
  • 30s back from multi-month richest levels on the 20-/30-/40-Year fly.