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Little Changed, Higher Borrowing Risks Noted, PMIs Due Thurs

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

Futures little changed at 99.93, higher-than-expected public borrowing figures help limit rallies. Bullish technicals intact, resistance 100.80, support 99.54.

  • Yields near unchanged. 2s10s 10bp off ’24 highs, 5s30s 15bp off Aug highs.
  • Local press reports continue to point to a difficult (higher tax, lower spending) October budget.
  • Risk of additional gilt issuance over the medium-term noted as a result.
  • Still 3-year supply saw solid demand, aided by exp. for further BoE rate cuts.
  • SONIA futures & BoE-dated OIS flat, ~40bp of cuts priced through year end.
  • Flash PMIs due tomorrow, post-election bounce in sentiment to be reassessed. Firmer labour market & inflation components would present risk to pricing of further BoE easing.
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Futures little changed at 99.93, higher-than-expected public borrowing figures help limit rallies. Bullish technicals intact, resistance 100.80, support 99.54.

  • Yields near unchanged. 2s10s 10bp off ’24 highs, 5s30s 15bp off Aug highs.
  • Local press reports continue to point to a difficult (higher tax, lower spending) October budget.
  • Risk of additional gilt issuance over the medium-term noted as a result.
  • Still 3-year supply saw solid demand, aided by exp. for further BoE rate cuts.
  • SONIA futures & BoE-dated OIS flat, ~40bp of cuts priced through year end.
  • Flash PMIs due tomorrow, post-election bounce in sentiment to be reassessed. Firmer labour market & inflation components would present risk to pricing of further BoE easing.