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SOFR/Treasury Option Roundup

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GILT SUMMARY: Gilts rose sharply on the open on the back of global risk aversion
but despite whipsawing throughout the day are again trading around opening
- The Dec 18 Gilt future is up 38 ticks at 119.97, around the opening level of
120.00, having traded in a range of 119.77-120.11 today. This has mirrored the
FTSE, which dropped sharply at the open and has since traded sideways.
- There has been slight bull flattening in the cash curve, with the 2-Yr yield
is down 3.1bps at 0.882%, 5-Yr is down 3.8bps at 1.25%, 10-Yr is down 4.4bps at
1.684%, and 30-Yr is down 0.9bps at 2.076%.
- Short Sterling futures have rallied at the far end of the strip: Dec21-Sep22
contracts up 2.0-3.0 ticks, albeit a couple of ticks off day`s highs.
- A few Brexit developments today but nothing really pushing the needle compared
with the impact of global risk appetite; Irish PM Varadkar expressed doubts of
reaching a divorce deal by November, while the DUP threatened `serious action`
if PM May reaches a deal that they disagree with.
- No key UK data coming Friday, and no BOE speakers.

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