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More volatility and tweaks to UK emergency operations

BONDS
  • Gilts have again traded in wide ranges today as the Bank of England announced that it would pause its corporate bond sales this week and that it would start to buy 3+ year linkers for this week only. This marks the first time that the Bank of England will buy linkers.
  • Gilts opened higher and cheapened up going into the 10:00BST linker auction (and the aftermath) but have since moved off their lows of the day (which also remain some way off of yesterday's lows across the curve).
  • USTs have reversed some of the late weakness from yesterday and trade a little higher this morning, while Bunds remain largely unchanged. Peripheral spreads have reversed yesterday's widening, however.
  • It's been a big day for supply in Europe with the highlights a German 30y syndication, an EU 7/20-year syndication as well as Schatz and Dutch auctions.
  • Looking ahead we will hear from ECB's Lane, Fed's Mester and BOE's Cunliffe and Governor Bailey.
  • TY1 futures are up 0-2 today at 111-02+ with 10y UST yields up 6.8bp at 3.951% and 2y yields up 1.6bp at 4.327%.
  • Bund futures are down -0.03 today at 136.05 with 10y Bund yields down -0.2bp at 2.335% and Schatz yields up 3.4bp at 1.920%.
  • Gilt futures are up 0.24 today at 925.53 with 10y yields down -0.8bp at 4.458% and 2y yields down -1.9bp at 4.298%.
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