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GILT SUMMARY: A hawkish Mario Draghi led to a broad sell-off in European bonds
which hit Gilts, though they are off day`s lows.
- The Dec 18 Gilt future is down 36 ticks at 120.84, having traded in a range of
120.67-121.28 today - with day`s low coming after ECB President Draghi`s
testimony to European Parliament (highlighted by view of a 'relatively vigorous'
pick-up in core inflation) were released around 1400BST.
- The Gilt curve has bear steepened on the news, with the 2-Yr yield is up
0.7bps at 0.817%, 5-Yr is up 2.9bps at 1.173%, 10-Yr is up 3.9bps at 1.592%, and
30-Yr is up 4.4bps at 1.941%.
- Short Sterling is weaker, with losses concentrated in the far end of the
strip, March21-Sep22 down 3.0 ticks.
- On Tuesday, DMO re-opens 0.125% Aug-48 inflation-linked Gilt for Stg. 0.8bln;
BOE`s Vlieghe speaks in the morning with Q&A.