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Gilts yields rose a smidgeon on........>

GILT SUMMARY
GILT SUMMARY: Gilts yields rose a smidgeon on Tuesday mainly because of a slow
and steady move higher in German yields through the session. 
- A 2026 index linked Gilt auction went through without a hitch and indeed,
longer dated real yields were declining (around 1bp at 10Y) at the same time as
breakevens were rising.
- Option structures in short sterling were generally looking for higher rates
although net changes in short sterling contracts were small.
- Gilts generally outperformed Bunds despite a pretty poor performance of
sterling, mostly against the dollar but also against the euro. There was no
obvious relationship between currency swings and the Gilt market.
- At the close, the Gilt 10Y yield was 1bp higher at 1.15%.

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