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Recovering Ground

GILT SUMMARY

Gilts have been bid through the day and the curve has bull flattened, although the gains have only partially offset the losses from earlier in the week.

  • Gilt cash yields are 1-4bp lower on the day. Last yields 2-year 0.0852%, 5-year 0.3878%, 10-year 0.8646%, 30-year 1.4045%.
  • The Jun 21 gilt future trades at 127.46, having earlier hit a high of 127.69.
  • The short sterling futures strip has flattened with whites/reds up 0.5-3.0 ticks and greens/blues up 3.0-4.5 ticks.
  • Looking ahead, next week sees the release of labour market data for March/April, inflation data for April and retail sales also for April.

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