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Bull Flattening

GILT SUMMARY

Gilts have traded back towards yesterday's closing levels by midday, gilts subsequently rallied through the afternoon session with the curve bull flattening.

  • Cash yields are 1-6bp lower on the day with the 2s30s spread 5bp narrower. Last yields: 2-year -0.050%, 5-year 0.1098%, 10-year 0.5805%, 30-year 1.1616%.
  • The Mar 21 gilt future trades at 131.21, 13 ticks below the day's high.
  • Data published earlier this morning showed an uptick in inflation for January (0.7% Y/Y vs 0.6% survey).
  • The DMO earlier sold GBP2.50bn of the 0.625% Jul-35 gilt. The PAOF for this issue was not taken up.
  • The BoE purchased GBP1.48bn of medium-dated gilts with offer-to-cover of 3.80x.
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