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Grinding Lower

GILT SUMMARY

Gilts have traded weaker through the day with the belly of the curve marginally underperforming.

  • Gilt cash yields are broadly 2bp higher on the day. Last yields: 2-year 0.055%, 5-year 0.3667%, 10-year 0.7993%, 30-year 1.3236%.
  • The Jun 21 gilt future trades at 128.03, marking a fresh low for the day.
  • The BoE purchased GBP1.48bn of short-dated gilts with offer-to-cover of 3.72x.
  • Looking ahead, tomorrow sees the release of monthly GDP, industrial production, construction output, index of services and international trade data for February.
  • The DMO will offer GBP1bn of the 1.625% Oct-71 gilt on Tuesday.

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