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RBC say the 1.75% Sep 2037 Gilt looks rich....>

GILTS
GILTS: RBC say the 1.75% Sep 2037 Gilt looks rich vs its immediate neighbours
and recommends selling it vs 4.25% Mar 2036 Gilt and 4.75% Dec 2038 Gilt on a
50:50 butterfly.
- "36s-37s-38s micro butterfly is now at its richest levels seen all this year,
with the butterfly also appearing rich against outright yields and the slope of
the curve in that sector", RBC say.
- RBC add that "the outperformance of Sep-37s is now looking stretched and worth
fading into the quarterly consultation meeting later this month".

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