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Taking A Breather

GILT SUMMARY

The gilt curve has flattened today on the back of the short-end weakening slightly and long-end yields inching lower. Overall price action has been relatively contained compared to recent sessions.

  • Last cash yields: 2-year 0.0533%, 5-year 0.3295%, 10-year 0.7556%, 30-year 1.2766%.
  • The Jun 21 gilt future trades at 128.40, towards the bottom end of the day's range (L: 128.24 / H: 128.82).
  • The flast PMI data for March, published this morning, came in markedly above expectation. The service component, which is still broadly contractionary in much of Europe, printed 56.8 in the UK, above the 51.0 consensus expectations.
  • The DMO earlier sold GBP350mn of the 0.125% Nov-56 linker. A further GBP7.25mnl was taken up through the PAOF.
  • The BoE purchased GBP1.48bn of medium-dated gilts with offer-to-cover of 3.17x.
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