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Bull Flattening

GILT SUMMARY

Gilts have traded firmer through the session and the curve has bull flattened while equities have posted modest gains.

  • Cash yields are 1-3bp lower on the day with the curve 1-2bp flatter. Last yields: 2-year -0.0407%, 5-year 0.0643%, 10-year 0.4577%, 30-year 1.0328%.
  • The Mar 21 gilt future has rallied to 32.57, marking the high of the day.
  • The short sterling futures strip has flattened with whites flat/0.5 ticks higher, reds 0.5-1.0 ticks higher and greens/blues up 1.5-2.5 ticks.
  • The DMO today sold GBP2.25bn of the 0.125% Mar-51 linker via syndication with book size above GBP20.75bn.
  • The BoE purchased GBP1.48bn of long-dated gilts with offer-to-cover of 2.13x.
  • The DMO will sell GBP3.25bn of the 0.125% Jan-24 gilt and GBP1.25bn of the 1.75% Jul-57 gilt on Feb 16.
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