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Lower Beta Moves

GILTS

Gilts move with a lower beta to Bunds with the feedthrough from a heavy EUR-denominated supply slate (both corporate and sovereign) outweighing the impact of the digestible DV01 on offer in the impending gilt auction, while the broader bounce from session cheaps in core global FI sees Gilt futures register fresh session bests before easing to last sit +20 or so on the day. The broader gilt curve twist flattens, with benchmarks running 1.5 cheaper to 1.0bp richer, pivoting at 7s.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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