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Holding On To Gains

GILT SUMMARY

Having initially opened lower, gilts rallied through to midday and then traded sideways through the afternoon session.

  • Cash yields are 1-2bp lower on the day with the curve 1bp flatter. Last yields: 2-year 0.0313%, 5-year 0.3129%, 10-year 0.7386%, 30-year 1.2742%.
  • The Jun 21 gilt future trades at 128.72, 6 ticks off the day's high.
  • Unemployment and employment change data for February came in better than expected, while still indicating excess slack in the labour market.
  • The DMO earlier sold GBP3.25bn of the 0.125% Jan-24 Gilt. A further GBP812.498mn was taken up through the PAOF.
  • Tomorrow the DMO will return to market to sell GBP2.50bn of the 0.625% Jul-35 Gilt.
  • The BoE purchased GBP1.48bn of long-dated gilts with offer-to-cover of 2.02x.
  • Looking ahead, tomorrow sees the release of CPI and RPI data for March.
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