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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
GILTS
No sign of meaningful concession for 7s on the 5-/7-/10-Year fly as we head into today’s GBP3.75bn 4.00% Oct-31 auction.
- The structure trades in the middle of the range witnessed since late February, with a parallel 2bp shift higher seen in belly to intermediate yields as the curve digests the firmer-than-expected UK GDP data and typically hawkish Wednesday comments from BoE’s Mann.
- 2s7s sit a little off the early July highs, which represented the highest level seen since April ’23. Those looking for a further fade of the recent dovish move in BoE pricing may like flatteners, with this auction providing a liquidity event/entry point.
Fig. 1: UK 5-/7-/10-Year Butterfly (bp)
Source: MNI - Market News/Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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