Total Derivatives

Bonds - GBP

An early sell-off partly-reversed as the 10s30s curve again refused to follow the steepening in the US amid supply rumours. CPIH faces a challenge.

RPI gets a boost from QAH's linker with traders reflecting on the 'beauty' of the UK inflation market. Meanwhile breakevens take a breather.

Strong USTs and a new Q1 bounce bull-flattened the curve, but traders warned of a market skewed to steepen in positions. And talk of Kilts returned.

Traders reported selling of 5y spreads and gilt basis but said the main driver today is rebalancing plays ahead of quarter-end.

What felt like the first day of Spring saw risk-off fail to gain a foothold, while risk-on was held off long enough to get the APF out of the way.

Robust inflation market shakes off weak IL56 auction and traders puzzle over the market's reaction to soft RPI data.

A bullish session saw gilts outperform Bunds as 10y yields fell 5bps on a day when one seller was said to have accounted for the APF.

Gilts gained, matching Bunds and helping to flatten the curve. Banks look at the BOE's response to the global rise in yields.

Another lively week of MPC and SLR news ended with an appropriately active session, especially early on.

A strew of new issuance hit the screens today, but for the most part these were vanilla issues from borrowers quick to exploit higher rates.

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