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Bear Steepening; ECB Steals The Show

GILT SUMMARY

Gilts have sold off through the afternoon and the curve has bear steepened, mirroring the move in USTs.

  • Gilt cash yields are 1-3bp higher and the curve 2bp steeper on the day. Last yields: 2-year 0.0767%, 5-year 0.3313%, 10-year 0.7421%, 30-year 1.2635%.
  • The Jun-21 gilt future trades at 128.59, near the lows of the day.
  • Following speculation about how the ECB would respond to the recent bond market sell-off, President Christine Lagarde today announced that the pace of weekly PEPP purchases would be significantly ramped up during the second quarter. The announcement triggered a leg lower in EGB yields which briefly spilled over to gilts.
  • Tomorrow sees the lease of monthly GDP, industrial production, construction output, index of services and international trade data for January.
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