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Wider Market Moves Drive The Space Ahead Of The Weekend

GILTS

As noted earlier, the correction away from session cheaps for wider core FI leaked into gilts, with the session relatively bereft of domestic drivers.

  • Futures have faded away from recovery highs in recent dealing, once again seemingly linked to moved in wider core global FI markets.
  • The contract last trades around 95.10, -50 or so on the day, ~40 ticks off worst levels and ~20 ticks off recovery bests.
  • The previously outlined technical parameters in the contract remain unchallenged.
  • Cash gilt yields are 2.5-4.5bp higher on the day, with the 7- to 10-Year zone now leading the weakness after the early sell off saw the curve subjected to broader bear steepening.
  • Earlier we flagged expectations surrounding next week’s syndication of the new 4.75% Oct-43 gilt. Current expectations are for a Wednesday execution, subject to demand and market conditions. Recall that Barclays, HSBC, Lloyds Bank Corporate Markets, Morgan Stanley and UBS will act as JLMs for the syndication. We pencil in a sale of GBP5-7bn via the syndication.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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