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Free AccessThe UK Debt Management.........>
GILT AUCTION PREVIEW: The UK Debt Management Office will sell Stg2.5bln of
1.625% Oct-28 gilt Wednesday.
- BACKGROUND: This is a re-open of the 1.625% Oct-28, with Stg11.05bln
outstanding.
- RV/HISTORY: Gilts have been under pressure in recent weeks on the back of a
perceived increase in the 'no deal Brexit' risk. The benchmark 10-year gilt
trades at 1.334% up from a July low of 1.185%. The curve has steepened as a
result of the long-end underperforming with the 2s10s spread widening to 59.1bps
from a July low of 45.5bps, while the 2s30s has pushed up to 102.4bps from
92.8bps. Credit risk has increased with the benchmark 5-year CDS spread
increasing to 24.0bps from a YTD low of 14.7bps in February. Market based
measures of inflation compensation have been broadly stable with the 5-year
breakeven trading within a 2.95-3.00 band through July. The 1.625% Oct-28 gilt
trades at 1.477%, 12.4bps inside the comparable Stg swap.
- TIMING: Results are due shortly after the auction closes at 0930GMT.
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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.