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Lower Alongside Peers

GILTS

Weakness in Tsys weighs on gilts, with local headline flow limited.

  • Bulls were once again unable to sustain a move above 100.00 in futures, with initial resistance at Friday’s high (100.05) intact.
  • Contract last -16 at 99.66 (early range 99.64-100.02).
  • Cash gilt yields are 1.5-2.0bp higher across the curve, with the early bull steepening unwound.
  • SONIA futures give up early gains alongside gilts, last 0.5-2.5 lower.
  • BoE-dated OIS shows ~78bp of ’24 cuts vs. ~82bp early today.
  • A reminder that J.P.Morgan recommended entering a paid position in BoE May ’24 OIS at 5.12% late on Friday (~5.13% last).
  • Domestic focus is centred on this afternoon’s comments from former BoE hawkish dissenter Mann. We will give a deeper preview of those comments in our upcoming Gilt Week Ahead publication.
BoE MeetingSONIA BoE-Dated OIS (%)Difference Vs. Current Effective SONIA Rate (bp)
May-245.129-6.0
Jun-244.999-19.0
Aug-244.842-34.7
Sep-244.705-48.4
Nov-244.544-64.5
Dec-244.407-78.2
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank Of England (BOE) Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank Of England (BOE) Market NewsBulletMarketsFixed Income Bullets

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