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GILTS: Yields Hold Lower On The Day

GILTS
CEEMEABulletUKMarketsFixed Income Bullets

Gilts continue to outperform German peers, aided by the cross market STIR moves flagged earlier and relative beta to U.S. Tsys.

  • Spread to Bunds now nearly 4bp tighter at ~217.5bp, on track for the lowest close seen since mid-December.
  • Weakness in European & Chinese equities provides some support from a cross-market perspective.
  • Futures hold comfortably within yesterday’s range, last +8 at 92.41.
  • Bearish technical theme intact in the contract, initial support and resistance at 91.64/92.88.
  • Yields 1.5-3.0bp lower across the curve, 20- to 30-Year zone outperforms.
  • Spill over from the U.S. ISM manufacturing survey eyed ahead of the weekend.
  • Thursday’s BoE DMP survey presents the highlight of next week’s UK release schedule.
  • Elsewhere, calendar ’25 gilt supply starts on Tuesday, via GBP2.25bln of the 4.375% Jul-54 gilt.
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Gilts continue to outperform German peers, aided by the cross market STIR moves flagged earlier and relative beta to U.S. Tsys.

  • Spread to Bunds now nearly 4bp tighter at ~217.5bp, on track for the lowest close seen since mid-December.
  • Weakness in European & Chinese equities provides some support from a cross-market perspective.
  • Futures hold comfortably within yesterday’s range, last +8 at 92.41.
  • Bearish technical theme intact in the contract, initial support and resistance at 91.64/92.88.
  • Yields 1.5-3.0bp lower across the curve, 20- to 30-Year zone outperforms.
  • Spill over from the U.S. ISM manufacturing survey eyed ahead of the weekend.
  • Thursday’s BoE DMP survey presents the highlight of next week’s UK release schedule.
  • Elsewhere, calendar ’25 gilt supply starts on Tuesday, via GBP2.25bln of the 4.375% Jul-54 gilt.