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Bear Steepening

GILT SUMMARY

Gilts have trade weaker through the day and the curve has bear steepened.

  • Cash yields are now 1-3bp higher on the day with the long-end underperforming. The 2s30s spread is 3bp wider. Last yields: 2-year -0.0259%, 5-year 0.0198%, 10-year 0.3408%, 30-year 0.9360%.
  • The Dec-20 gilt future trades at 134.75, 4 ticks off the day's low.
  • Short sterling futures are broadly 0.5-1.5 ticks lower in whites/reds/greens/blues.
  • The DMO sold GBP2.25bn of the 0.625% Jul-35 Gilt with bid-to-cover of 2.44x. The PAOF was not taken up.
  • The BoE purchased GBP1.473bn of medium-dated gilts with an offer-to-cover ratio of 2.72x.
  • Data published earlier this morning showed a slightly stronger than expected CPI print for October (0.7% Y/Y vs 0.5% survey).
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