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Free AccessGilt yield curve has steepened.........>
GILT SUMMARY: Gilt yield curve has steepened sharply Tuesday taking cue from
moves in US Treasuries and German Bunds, with the yield on the 10-yr Gilt
looking to close around 1.25% level, 6bp higher on the day. 5s/30s is 3.3bp
wider at 103.7bps compared to yesterdays fresh 9-year low of 100.2bps.
- 2-yr Gilt yield is +2.0bp at 0.462%, 5-yr +4.0bp at 0.743% and 30-yr +7.4bp at
1.783% according to Tradeweb.
- Due to a dearth of UK data and markets waiting for next phase of Brexit
negotiations to start in the New year, markets looked to Europe and US for
direction. Soft opening in German Bunds and overnight steepening in US yield
curve led to Gilts opening lower/steeper.
- Gilts extended steepening move during the morning session, taking cue from
sell-off in long-end of Core EGBs before falling sharply as NY markets opened on
talk of curve steepening trades going through. Thin pre-Christmas markets was
also adding to the volatility .
- Swap spreads are marginally tighter led by 2.2bp fall in the 2-yr, while 10-yr
and 30-yr breakevens are 1bp and 1.5bp wider respectively, but 5s unchanged.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.