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TRADING FIRMER

GILT SUMMARY

Having started on a weaker footing, gilts have traded firmer through the day. With a dearth of market-moving headlines or fresh data releases, price action has been relatively contained.

  • The Sep-20 gilt future traded up to a high of 137.39 before pulling back to 137.29 and remains towards the top end of the day's range.
  • Cash yields are now within 1bp of Friday's close, with the curve trading flat overall. Last yields: 2-year -0.0607%, 5-year -0.0552%, 10-year 0.1958%, 30-year 0.7695%.
  • The short sterling futures strip has marginally flattened with whites/reds broadly flat/0.5 ticks higher and greens/blues are up 0.5-1.0 ticks.
  • Gilt issuance will kick off on Tuesday with the DMO selling GBP3bn of the 0.125% Jan-26 gilt and GBP1.25bn of the 1.625% Oct-54 Gilt.
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