As with other core fixed income........>

GILT SUMMARY: As with other core fixed income gilts have rallied sharply again

today. 10+ year maturity benchmarks are all likely to making a record low yield

close today. The shorter end of the curve is seeing its lowest yield since

September 2017 but 5-year benchmarks are yet to break through levels seen in

September and October last year as no-deal Brexit concerns hit their highs.

- For now, gilts are being driven by global factors but markets are likely to

watch comments from Mark Carney this week as market talk of an emergency rate

cut (potentially globally coordinated) continues.

- Today the PMI manufacturing saw little market impact but the survey period

ended before the coronavirus spread across Italy.

- Gilt futures are up 0.72 today at 136.12.

- 2y yields down -7.9bp today at 0.227%

- 5y yields down -6.9bp today at 0.258%

- 10y yields down -6.7bp today at 0.374%

- 30y yields down -5.7bp today at 0.883%

- 2s10s up 1.2bp today at 14.7bp, 10s30s up 1.0bp today at 50.9bp