Gilts have sold off through the........>

GILT SUMMARY: Gilts have sold off through the session, with losses picking up

during the afternoon.

- The gilt curve has bear steepened with the 2s10s spread up 2bp. Cash yields

are 2-4bp higher on the day. Current yield levels: 2-year: 0.0087%, 5-year

0.0721%, 10-year 0.3104%, 30-year 0.7397%.

- The Sep-20 gilt future trades at 135,87 near the bottom of the day's range and

9 ticks off the low.

- Short sterling futures are broadly 1.0-1.5 ticks lower in whites through

greens and 1.5-2.5 ticks lower in blues.

- The ECB marginally surpassed expectations today with an increase in the PEPP

of EUR600bn (sell side analysts were expecting E500bn), extended the programme

until June 2021 and committed to reinvesting maturing securities until at least

the end of 2022.