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GILTS: Some Questions Around Auction Demand Despite Apparent RV Appeal

GILTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

7s have cheapened on the 5-/7-/10-Year fly ahead of today’s Oct-31 supply, with that structure moving to fresh multi-month highs.

  • 7s also sit around recent cycle cheaps vs. 7-Year swaps.
  • Still, we are wary of the prospects for the auction despite the apparent RV appeal.
  • We have already noted that the variable nature of the tails in recent gilt auctions provides some doubt.
  • What’s more, the line will be offered to market again in 3 weeks.
  • This means that we are less confident than we would otherwise have been when it comes to the prospects of strong demand at this week’s auction.
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7s have cheapened on the 5-/7-/10-Year fly ahead of today’s Oct-31 supply, with that structure moving to fresh multi-month highs.

  • 7s also sit around recent cycle cheaps vs. 7-Year swaps.
  • Still, we are wary of the prospects for the auction despite the apparent RV appeal.
  • We have already noted that the variable nature of the tails in recent gilt auctions provides some doubt.
  • What’s more, the line will be offered to market again in 3 weeks.
  • This means that we are less confident than we would otherwise have been when it comes to the prospects of strong demand at this week’s auction.