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Light Rally On German State CPIs

GILTS
Bank Of England (BOE) Market NewsHomepageBond Market NewsBulletMarketsFixed Income Bullets

Gilts rally on the back of the state level German CPI data.

  • Still, futures stick within the initial technical levels provided by Tuesday’s range extremes (98.54 & 99.21), last +20 at 98.91.
  • Yields 1-2bp lower across the curve.
  • SONIA futures +0.75-3.0.
  • BoE-dated OIS little changed on the day, showing roughly 40bp of cuts through the Dec MPC.
  • The local calendar is empty until tomorrow, with the release of the DMO’s quarterly issuance calendar headlining on Friday.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Sep-244.909-4.1
Nov-244.689-26.1
Dec-244.545-40.5
Feb-254.342-60.8
Mar-254.199-75.1
May-254.034-91.7
Jun-253.940-101.0
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Gilts rally on the back of the state level German CPI data.

  • Still, futures stick within the initial technical levels provided by Tuesday’s range extremes (98.54 & 99.21), last +20 at 98.91.
  • Yields 1-2bp lower across the curve.
  • SONIA futures +0.75-3.0.
  • BoE-dated OIS little changed on the day, showing roughly 40bp of cuts through the Dec MPC.
  • The local calendar is empty until tomorrow, with the release of the DMO’s quarterly issuance calendar headlining on Friday.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
Sep-244.909-4.1
Nov-244.689-26.1
Dec-244.545-40.5
Feb-254.342-60.8
Mar-254.199-75.1
May-254.034-91.7
Jun-253.940-101.0