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Bear Flattening

GILT SUMMARY

Gilts have weakened through the afternoon with the short end of the curve under performing.

  • Cash yields are 1-2bp higher on the day with the curve 1-2bp flatter. Last yields: 2-year 0.0878%, 5-year 0.3787%, 10-year 0.8270%, 30-year 1.3697%.
  • The Jun 21 gilt future trades at 127.67, near the middle of the day's range (L: 127.50 / H: 127.85).
  • Data published earlier today showed the UK economy growing faster than initially expected during the final quarter of last year with GDP increasing 1.3% Q/Q compared to 1.0% previously.
  • The BoE purchased GBP1.48bn of medium-dated gilts with offer-to-cover of 2.95x.
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