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Low APF offer-to-cover supporting gilts

GILTS
  • The low APF offer-to-cover ratio likely to provide some support gilts in the short-term.
  • Gilt futures spiked from 123.83 to 124.01, although over half of that uptick already reversed to trade at 123.90 at writing.
  • We've already seen some decent flattening of 10s30s through the day, down 1.5bp on the day and this print is likely to reinforce that move.

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