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HUNGARY

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It has been a rather uneventful........>

GILT SUMMARY
GILT SUMMARY: It has been a rather uneventful session in Gilts Thursday with
prices opening sharply lower and then pretty much stayed there since, with the
Dec Gilt future contract trading in tight 22 tick range with volumes below
average.
- The 10-yr part of the yield curve is seen leading the underperformance with
yield 4.4bp higher at 1.376% according to tradeweb, while 2-yr is only 2.0bp
higher and 30-year 2.5bp higher. 
- There was only a marginally recovery in Gilts when latest UK public sector
borrowing numbers came in below consensus. The UK borrowed Stg5.669bln in
August, below the Stg7.3bln expected and lower than the Stg6.92bln in Aug 2016,
helped by rise in VAT receipts.
- Gilts also found a bid in wake of newswire headline that US is to add more
sanctions on North Korea, however, markets were reluctant to push prices higher,
with sellers seen coming in at any little sign of up tick in price.
- UK breakevens have widened with 10-yr & 30-yr 1.5bp & 2.5bp higher, while swap
spreads are mixed with 5-yr and 10-yr around 1bp tighter & 7-yr 3bp wider.