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Bear Steepening


Follow a quiet initial start, gilts have sold off through the day with the long-end underperfroming and the curve bear steepening.

  • Cash yields are 1-3bp higher on the day. Last yields: 2-year -0.0644%, 5-year -0.0786%, 10-year 0.1900%, 30-year 0.7406%.
  • The Dec-20 gilt future trades at 136.46, near the bottom of the day's range (L: 136.44 / H: 136.75).
  • The DMO earlier sold GBP600mn of the 1.25% Nov-32 linker.
  • The BoE purchased GBP1.437bn of long-dated gilts with offer to cover of 2.55x.
  • After talks between the government and Manchester city officials failed to reach a deal over new social restrictions, tier-three restrictions are expected to be implemented.

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