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The bear-steepening theme has..........>

GILT SUMMARY
GILT SUMMARY: The bear-steepening theme has remained in play through the
session, alongside mixed trading in EGBs and a strong bid in USTs.
- The Sep-20 gilt future trades at 137.52, 11 ticks off the day's low and
towards the bottom end of the session range (137.41 - 137.82).
- Cash yields are 1-4bp higher across the curve. Current yield levels: 2-year
-0.0695%, 5-year -0.0339%, 10-year 0.176%, 30-year 0.6261%. The 2s30s spread is
3bp wider on the day.
- Short sterling futures trade broadly flat/0.5 ticks higher in whites/reds and
0.5/1.0 ticks higher in greens/blues.
- The DMO earlier sold GBP1.5bn of 1-/3-/6-month bills.
- Looking ahead to next week, final estimates for Q1 GDP and the June PMIs will
be published.

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