It is budget day today - the first.....>

GILT SUMMARY: It is budget day today - the first Monday budget since 1962. We

will have a preview out later and a note on gilt issuance. 

- Gilts have opened stronger this morning with the curve broadly flat.

- The 2-year benchmark trades at a yield of 0.705% down from 0.717% at Friday's

close, while the 10-year yield has pushed down to 1.372% from 1.382%.

- The 2s10 trades at 0.707% and the 2s30s at 111.3bps.

- There has been limited movement in the Dec gilt future, which trades at 123.01

and opened at 123.04

- There has similarly been little change in inflation breakevens with the 5- and

10-year benchmarks holding steady above 3%.

- The short-sterling futures strip is broadly flat and we have seen little

option flow so far.

- Consumer credit, mortgage and money supply data are due out at 0930BST