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MNI EXCLUSIVE

Fed Exclusive on the SLR

SWITZERLAND

CHF LIBOR FIX - 04-03-2021

EUROZONE

EUR LIBOR FIX - 04-03-2021

JAPAN

JPY LIBOR FIX - 04-03-2021

US 10YR FUTURE TECHS

‌‌(M1)‌‌ Bearish Risk Remains Present

GILTS
GILTS: WEEK AHEAD: It will be a busy week in gilt markets with the BOE due to
come to the market to buy gilts every day except Friday. The final GBP5.1bln of
reinvestment from the 4.75% Mar-20 gilt will be followed up by three days of
GBP3.0bln purchases Tues-Thurs.
- There is no issuance due in gilt space next week but T-bills are set to be
offered in the same volume as this week. Note that the 3-month auction was
uncovered - only the third uncovered UK T-bill auction since DMO records began
in 2001.
- The key data release for the gilt market will be the Markit flash PMI print on
Tuesday. This will be the first UK data release to reflect the period in which
Covid-19 has entered Europe.
- The DMO announced on the morning of Friday 20 March that the gilt remit would
be updated to include the Covid-19 stimulus measures following the 2019/20 CGNCR
outturn, with the updated remit published on 23 April. However, after the
additional fiscal stimulus and support for businesses announced by Chancellor
Sunak, the DMO may need to raise money even earlier and not be able to wait.