Total Derivatives

Swaps - GBP

As another fun week of fixed income trading ends, traders eye big moves in 5y ASWs and 30y gilts. BofA assesses the worrying kindness of strangers.

After a stable start to gilt activity today a move towards wondering what Truss-world might look like saw gilts sell-off and B/Es rally.

The curve ended flatter in 2s/10s but steeper further out as gilts pared gains after the US CPI miss. Banks look at Truss risk and ADB prints a 2y.

With the gilts caught between a Q1 issuance drought and a Q4 flood, there was still enough thirst left for a decent auction today.

A week that started off with no real news nonetheless saw gilts handsomely outperform all-comers. Elsewhere, pension de-risking booms.

After an ultimately bullish reaction to the MPC yesterday, there was, of course, one last twist of the knife for gilts today. Strategists mull rates.

A 50bps hike and pessimistic words from the MPC today caused a sharp reaction in GBP fixed income that faded into the close. Banks see hikes and cuts

The MPC hiked 50bps by an 8-1 margin. Its gloomy warnings a long recession from Q4 2022 ensured that SONIAs and gilts rallied hard.

Gilts flattened with USTs along the curve as SONIAs printed double-digit falls ahead of the BOE MPC meeting. Still, some banks are dovish.

Fears that Pelosi’s Taipei trip would trigger war by teatime saw gilts lead a bull-flattening move. Before Daly distracted. BofA eyes Truss hikes.

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