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GILTS: Off Lows Alongside EGBs, Payside Flow Noted In Swaps

GILTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

Gilts take cues from core global peers for much of the day, with initial support at Friday’s low (98.31) helping limit losses during sell offs.

  • Contract back to 98.65 from lows of 98.30, as dovish comments from ECB President Lagarde spill over.
  • Yields flat to ~3bp higher, bear flattening.
  • As noted elsewhere, quarter-end payside flows in swaps seemed to have provided the real UK input of note, with 2s leading swap spreads wider on the day, adding to the early sell off.
  • BoE’s Greene will speak after the close, (21:10 today).
  • Further out, BoE chief economist Pill's address (Friday, Tuesday speech may have been cancelled) will be eyed for any dovish cues after other recent hawkish dissenters have appeared a little more open to further rate cuts.
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Gilts take cues from core global peers for much of the day, with initial support at Friday’s low (98.31) helping limit losses during sell offs.

  • Contract back to 98.65 from lows of 98.30, as dovish comments from ECB President Lagarde spill over.
  • Yields flat to ~3bp higher, bear flattening.
  • As noted elsewhere, quarter-end payside flows in swaps seemed to have provided the real UK input of note, with 2s leading swap spreads wider on the day, adding to the early sell off.
  • BoE’s Greene will speak after the close, (21:10 today).
  • Further out, BoE chief economist Pill's address (Friday, Tuesday speech may have been cancelled) will be eyed for any dovish cues after other recent hawkish dissenters have appeared a little more open to further rate cuts.