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(M1) Bullish Focus

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Gilts have traded sideways through most of the session and are holding below yesterday's closing levels.

  • Cash yields are 1-2bp higher on the day with the curve close to flat overall. Last yields: 2-year 0.0583%, 5-year 0.3392%, 10-year 0.7694%, 30-year 1.2957%.
  • The Jun-21 gilt future trades at 128.39, near the bottom end of the day's range (L: 128.32 / H 128.59).
  • The short sterling futures strip has steepened with greens/blues 1.5-2.5 ticks higher.
  • The DMO placed GBP6bn of the new 1.25% Jul-51 gilt via syndication with book size north of GBP69bn.
  • The BoE purchased GBP1.48bn of long-dated gilts with offer-to-cover ratio of 1.89x.
  • The CBI Retailing Reported Sales updated for April came in stronger than expected (20 vs 10 survey).