It has been a relatively volatile......>

GILT SUMMARY: It has been a relatively volatile session this afternoon in gilts

on the back of the ECB meeting in which President Draghi announced a 10bp

deposit rate cut, deposit tiering and the resumption of asset purchases. 

- Bloomberg reports that some EU officials fear that PM Boris Johnson could try

to persuade Hungary to veto a Brexit delay.

- The Dec-19 gilt future trades at 132.28, down 22 ticks from Wednesday's close

and 18 ticks off the day's low; L-H: 132.1-133.27.

- Gilts have sold off with yields 1-4bps higher on the day. Cash yields (Last /

1d chg / L..H): 2Y (0.5179% / +3.5bp / 0.4498%...0.5283%); 5Y (0.4815% / +3.6bp

/ 0.4083%...0.49%); 10Y (0.6561% / +2bp / 0.5705%...0.6651%); 30Y (1.1248% /

+0.8bp / 1.0406%...1.1325%).

- The curve has bear flattened: 2s10s (12.1bp / -2.5bp / 10.1bp..13.6bp); 2s30s

(60bp / -2.8bp / 56.6bp..60.9bp).

- The short sterling futures strip has steepened:W (broadly - 0.0/2.5 ticks

lower); R (- 2.0/2.5 ticks); G (- 2.5/3.5 ticks); B (- 3.0/3.5 ticks).