Gilts had a decent session on heavy....>

GILT SUMMARY: Gilts had a decent session on heavy volumes as the curve

bull-steepened with attention paid to the publication of the UK's negotiating

mandate with the EU. The UK government have now made it clear that they will

happily exit the transition period onto WTO trading rules after Dec31 if an

agreeable deal is not seen as workable by the end of June deadline.

- This was shortly followed by a public request from the Chancellor for the OBR

to issue a second set of forecasts after the budget takes place on March 11.

This could look to incorporate any/all spending measures announced at the

budget.

- June Gilt futures are up 0.82 at 135.38

- 2y yields down -6.6bp at 0.292%

- 5y yields down -6.4bp at 0.320%

- 10y yields down -6.3bp at 0.439%

- 30y yields down -3.9bp at 0.914%

- 2s10s up 0.4bp today at 14.8bp

- 10s30s up 2.2bp today at 47.6bp