Flatter curve since the remit; consultation agenda up at 15:30GMT

Gilts have given up some of the gains seen on the back of the lower-than-expected gilt remit.

Moves since announcement:

• 2-year yields hit a low of 1.2826% from being around 1.355% prior to the remit announcement (a 7.3bp fall). Yields have fully recovered now from the announcement and are trading close to 1.38%. Note the DMO does not normally issue as short as 2-year.
• 5-year yields fell from 1.422% pre-remit to a low of 1.352% (7.0bp fall). They have now fully retraced their losses to trade at 1.424%.
• 10-year yields fell from 1.678% ot a low of 1.611% (6.7bp fall). Around 2/3 of this has move been retraced with 10-year yields now at 1.653%.
• 30-year yields fell from 1.909% to a low of 1.823% (8.7bp fall). Around half of this move has been retraced to 1.874%.
• This leaves 2s5s and 5s10s and 10s30s all flatter since the remit announcement.

Next up at 15:30GMT the DMO will release the agenda for the consultation meetings. This will give a clearer outline of auction / syndication breakdowns in the April to June period. There are 8 conventional auctions (we already know the 5/10-year gilts will be sold at the first two) and 2 linker auctions. Given the gaps in the calendar, there could also potentially be two syndications (one conventional and one linker).