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GILT AUCTION PREVIEW: The UK Debt Management Office sells a new 0.125% Aug-28 IL
Gilt on Wednesday for Stg1.025bln
- BACKGROUND: Gilts have broadly rallied since May as concerns about the
economic outlook mount in light of increasing political pressure around Brexit.
However, the latest CPI data show annualised inflation remaining stubbornly
above the official 2% target, which could limit the extent of further yield
- RV: The current on-the-run 10-year inflation-linked Gilt yield has edged down
to -1.760% from a 2018 high of -1.488% on February 14. The linkers curve has
steepened slightly with the 5s20s spread currently trading at 43bps from a
multiyear low of 25bps on Mar 22. Meanwhile, the nominal 10-year gilt yield has
fallen sharply over the last month, trading at 1.284% from 1.563% on May 17.
Inflation breakevens have been relatively stable so far this year with the
10-year instrument hovering around the 3% mark.
- TIMING: Results are due shortly after the auction closes at 0935GMT