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​Leicester Lockdown Released

  • Gilts have underperformed both Bunds and Treasuries today despite some decent gilt auctions this morning.
  • The auctions of the 0.125% Jan-23 gilt and the 0.625% Oct-50 gilts both saw tighter tails and stronger bid-to-covers than their previous sales. And this afternoon both saw the PAOF taken up in large size.
  • The UK government has confirmed today that the extra lockdown measures in Leicester can now be reversed and has also stated that the "Eat Out to Help Out" scheme had been used 35 million times in its first two weeks.
  • Looking ahead to tomorrow the highlight will be CPI but with the Bank of England unlikely to change its policy course on near-term CPI surprises, Friday's data will be more important. This includes retail sales, public sector finances and the August PMIs.
  • Gilt futures are down -0.13 today at 136.90 with 10y yields up 1.5bp at 0.230% and 2y yields up 1.5bp at -0.32%.
MNI London Bureau | +44 203-865-3820 |
MNI London Bureau | +44 203-865-3820 |

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