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Free AccessRV May Promote Takedown At Tomorrow's 10-Year Auction
10s operate around multi-month cheaps on the 5-/10-/20-Year butterfly (albeit largely roll-driven) heading into tomorrow’s GBP3.75bn 4.625% Jan-34 gilt auction.
- Those looking for longs/relative value exposure in 10s may use the auction/any related concession as an entry opportunity, given the butterfly and outright yield set up (10s are just below the mid-March highs in yield terms).
- The multi-week issuance profile is favourable for 10s after tomorrow’s auction, with no further taps of the zone due until 1 May.
- Beyond there, the 10-Year issuance burden is much more notable in the May-June window (including a syndication and green bond issuance), which may make any such plays a little more tactical in nature.
Fig. 1: UK 5-/10-/20-Year Butterfly
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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.