[MARKET UPDATE] Gilts open lower by 113 ticks as markets price in the increasing possibility of Burnham becoming PM

Opened at 85.70, just above the 85.45 contract low. From a yield perspective, the 10yr first looks to 5.11% before the 5.13% peak from the 12th of May, which roughly aligns with levels from July 2008. If surpassed, we have the 2008 peak of 5.26% and 5.57% from 2007. For the 30yr, its YTD peak is 5.81%, and if breached, we look to 5.96% from 1998.