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Bull Flattening

GILT SUMMARY

The gilt curve has bull flattened today following yesterday's sell-off in the wake of BoE Governor Andrew Bailey's comments on the difficulties of implementing negative rates.

  • Gilt cash yields are now 3-5bp lower on the day with the 2s30s spread trading down 2bp. Last yields: 2-year -0.1121%, 5-year -0.0103%, 10-year 0.3114%, 30-year 0.8817%.
  • The Mar-21 Gilt future trades at 134.15, towards the top end of the day's range (L: 133.82 / H: 134.23).
  • The FT earlier reported that the UK government has proposed expediting the return of empty lorries to Europe in order to pickup new food supplies aid worries that delays at the ports could result in food shortages.
  • Scotland has further tightened Covid lockdown restrictions with only shops determined to be 'essential' allowed to offer click and collect services.
  • The DMO earlier sold GBP300mn of the 0.125% Nov-65 linker with a further GBP75.0mn taken up through the PAOF.
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