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Little Changed to A Touch Softer To Start

GILTS

Gilt futures trade either side of late Tuesday levels at the open, last printing at unchanged levels.

  • The major cash benchmarks are unchanged to 1bp cheaper, flattening at the margin.
  • Local headline flow has seen the NIESR thinktank point to a lost 5 years for the UK economy, although that shouldn’t be a needle mover for markets.
  • SONIA futures are little changed to 1.5bp lower.
  • BoE-dated OIS continue to show around 21.5bp of tightening for next month, while terminal policy rate pricing shows around 5.80%, firming a little on the day.
  • GBP3.5bn of 3.25% Jan-33 supply is due today, with little else to note on the domestic docket.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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