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Curve Steepening

GILT SUMMARY

The short end of the gilt curve has traded firmer through the session while the longer end has lacked direction. Equities have sold-off through the day with cable similarly on the back foot.

  • Short-end gilt yields are 1-2bp lower on the day while the curve trades 2-3bp steeper. Last yields: 2-year -0.1431%, 5-year -0.0476%, 10-year 0.2842%, 30-year 0.8670%.
  • The Mar 21 gilt trades at 134.45, towards the top end of the day's range (L: 134.17 / H: 134.49).
  • Short sterling futures are broadly 0.5-1.5 ticks higher in whites/reds/greens/blues.
  • The DMO sold GBP4.0bn of 1-/3-/6-month bills
  • Data published this morning showed the UK economy contracting -2.6% M/M in November compared to -4.6% survey.
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