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Bear Steepening

GILT SUMMARY

Gilts have traded weaker through the session and the curve has bear steepened alongside fresh equity downside.

  • Gilt yields are 1-3bp higher on the day with 2s30s trading up 2bp. Last yields: 2-year -0.1231%, 5-year -0.0346%, 10-year 0.3090%, 30-year 0.9014%.
  • The Mar 21 gilt future trades at 134.19, towards the bottom end of the day's range (L: 134.07 / H: 134.64).
  • Short sterling futures are broadly flat/0.5 ticks lower in whites/reds/greens/blues.
  • The UK's chief medical officer, Chris Whitty, earlier warned of the risk that the NHS could be overwhelmed in the coming weeks as coronavirus infections surge.
  • The BoE purchased GBP1.48bn of short-dated gilts with offer-to-cover of 2.39x.
  • Looking ahead, the DMO will tomorrow sell GBP3.00bn of the 0125% Jan-28 gilt and GBP1.25bn of the 1.625% Oct-54 gilt.
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