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Grinding Higher

GILT SUMMARY

It has been choppy session for gilts with data confirming a return to economic growth in February countered by fresh concerns over vaccine rollout in light of the US' decision to pause rollout of the Johnson and Johnson jab.

  • Gilts have edged higher through the afternoon with cash yields 1bp lower on the day. Last yields: 2-year 0.0457%, 5-year 0.355%, 10-year 0.7764%, 30-year 1.2986%.
  • The Jun 21 gilt future trades at 128.29, 5 ticks off the day's high.
  • The DMO sold GBP1bn of the 1.625% Oct-71 gilt, with the PAOF not taken up.
  • The BoE purchased GBP1.48bn of long-dated gilts with offer-to-cover of 1.87x.
  • Data published this morning showed the UK economy returning to growth in February, with a better than expected performance from the industrial sector. There will be no further tier one data releases this week.
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