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Giving Back Early Gains

GILT SUMMARY

Having sharply bull flattened earlier in the session, gilts have given back some of the gains.

  • Cash yields are now within 2bp of yesterday's close. Last yields: 2-year -0.0563%, 5-year -0.0629%, 10-year 0.2188%, 30-year 0.7612%.
  • The Dec-20 gilt future trades at 136.12, towards the bottom end of the day's range (L: 136.07 / H: 136.33).
  • The DMO earlier sold GBP2.5bn of the 0.375% Oct-30 Gilt with a further GBP584.999mn taken up through the PAOF.
  • The BoE bought GBP1.473bn of medium-term gilts with an offer-to-cover ratio of 1.85x.
  • Tomorrow will see the publication of money supply, consumer credit and mortgage approval data for September, which are unlikely to be market moving.
  • Although the focus tomorrow will be on the ECB meeting, no material change in policy is expected and the gilt market should be unaffected.
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