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Bear Steepening

GILT SUMMARY

Gilts have sold off through the day and the curve has bear steepened.

  • Cash yields are now broadly 1-4bp higher on the day with the curve 3-4bp steeper. Last yields: 2-year -0.1190%, 5-year -0.0346%, 10-year 0.3210%, 30-year 0.8916%.
  • The Mar 21 gilt future trades at 134.04, 24 ticks off the day's low.
  • The short sterling futures strip has steepened with whites/reds down 0.5-1.0 ticks and greens/blues down 1.0-2.5 ticks.
  • The DMO earlier sold GBP4.5bn of 1-/3-/5-month T-Bills.
  • The scramble for Covid vaccines continues. Following a successful trial of the Novavax vaccine, the UK government has secured 60m doses. In addition, the UK has 30mn doses of the Johnson & Johnson vaccine, which the US pharmaceutical company has revealed is is 66% effective.
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