Total Derivatives

Bonds - GBP

Macro factors saw 10y yields rise, while in linkerland traders were distracted by syndication meetings. Swap liquidity is under scrutiny post-Brexit.

With the ECB meeting stopping traffic and the SURE supply lurking, USD seized the opportunity to corner most of the cross-border market today.

Today's eagerly-awaited 25y gilt syndication caught the eye as traders pondered its spread to the 2045 reference gilt. 5y gilts were popular.

The first week of 2021 ended with interest in ASW bids centred around the 2031 gilt, as well as the direction of the 10s/30s curve.

The sterling curve is sharply bear-steepening, spreads are tightening and RPI is tumbling at the front end on reports that a Brexit deal is imminent.

Brexit and Vlieghe combined today to generate a bull-flattening move in a market traders still described as rangebound.

The BOE-convened Working Group on sterling RFRs this week issued a trio of papers and open letters intended to support the transition to SONIA.

With new issuance now in Christmas mode, one new issue stood out this week -- Anglian Water in JPY. Basis traders look at this, and at cable in 2021.

With Britain on the brink of a hard Brexit traders see a further rally in 10y gilts as likely, while today 40y SONIA and 50y ASW flows catch the eye.

After a big night out on the Scotch eggs, traders seemed to have little appetite for flow today. Which was just as well.

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