Off Lows Alongside Wider Bonds, Supply Sees Decent Enough Demand

Gilts have generally followed wider moves in core global FI markets thus far, with initial technical support in the futures contract breached, while some concession ahead of 5-Year supply will have factored in as well.

• Futures last sit -40, roughly 25 ticks off lows, after some stabilisation in wider core global FI markets was seen.
• Cash benchmarks sit 2bp cheaper across most of the curve.
• 4.50% Jun-28 Gilt supply saw decent enough demand metrics.
• SONIA futures are +0.5 to -7.0 through the blues, twist steepening, with greens leading the weakness.
• BoE-dated OIS is flat to incrementally firmer on the day.
• A raft of BoE speakers will appear in front of parliament this afternoon (Treasury Select Committee Hearing for the July Financial Stability Report and the August Monetary Policy Report).