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Further Bear Steepening

GILT SUMMARY

The gilt sell-off had a fresh wind through the afternoon, with the long-end significantly underperforming and fueled by the sell-off in USTs.

  • Cash yields are now 2-10bp higher on the day with the curve 7-8bp steeper. Last yields: 2-year 0.0921%, 5-year 0.3773%, 10-year 0.8193%, 30-year 1.3473%.
  • The Jun-21 gilt future trades at 127.73, 16 ticks off the day's low.
  • Data published this morning showed a better than expected monthly GDP print in January, although indicated that the economy was still in the midst of a severe contraction given the continuing national lockdown.
  • The 40% drop in exports to the EU was perhaps the most eye-catching detail. The government's chief minister for crafting the future UK-EU relationship, David Frost, has suggested that the drop in exports reflects "unique" factors that are "starting to unwind".
  • The DMO earlier sold GBP3.5bn of 1-/3-/6-month bills.
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