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Lockdown Momentum Driving Gilt Gains

GILT SUMMARY

Gilts have been well bid today with cash yields 2-5bp lower and the curve bull flattening.

  • Following a tightening of social restrictions in Northern England, London will now face similar measures from this Friday. Concerns about the impact of regional lockdowns on the fragile economy have underpinned the bull flattening of sterling and euro curves.
  • Last gilt yields: 2-year -0.0645%, 5-year -0.0835%, 10-year 0.1695%, 30-year 0.7121%.
  • The Dec-20 gilt future trades at 136.70, 19 ticks off the high.
  • The DMO earlier sold GBP1.75bn of 1-/3-/6-month bills.
  • Irish Foreign Minister Simon Coveney today indicated that that there has been some progress on the level playing field provisions of the Brexit trade deal and that he expects a deal to be agreed by the start of November.
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