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It was a very tame trading session.....>

GILT SUMMARY: It was a very tame trading session on the final days of March. The
10Y Gilt yield is down just under 1bp at 1.359%. This was enough to outperform
German 10Y debt.
- There were some data releases, none of which were able to push the market
around. UK GfK consumer confidence data rose to -7 in March from -10. Nationwide
house prices fell 0.2% in March, taking the annual rate down from 2.2% to
2.1%Y/Y and is being dragged lower by London.
- The main event in the afternoon was the month-end flow. The Bloomberg-Barclays
Sterling Agg Tsy rises by a very impressive 0.3Y, ten times the 0.03Y average
month-end duration extension for the past year. UK Gilt Linker Index extension
is 0.03 years. So far, the impact appears fairly limited.
- While nominal yields were little changed, the index-linked market was
extremely buoyant and the 5Y real yield fell 4.5bp to -2.0%. This yield decline
follows a week of strong linker performance. 

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