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Free AccessLong-end of the Gilt yield curve.......>
GILT SUMMARY: Long-end of the Gilt yield curve extended gains and the short-end
reversed mild losses in reaction to BoE monetary policy announcement, as markets
took a dovish view on the minutes that show BoE in no rush to rise interest
rates. 10-yr Gilt yield is hovering around 200-DMA at 1.176%, 3.7bp lower on the
day.
- 5-yr part of the yield curve is seen lagging while ultra long-end outperforms,
leading to 5s/30s being 2.6bp flatter at 101.8bps.
- Gilt markets were pretty much treading water before the BoE policy
announcement, but the short-end did come under early pressure from larger than
expected rise in UK retail sales for November, helped by Black Friday sales.
- BoE left rates and QE unchanged at 0.50% and Stg435bln as widely expected,
however markets saw some dovish undertones in the minutes and the Gilt future
rallied 35 within half-an-hour of the release and markets pared back chances of
a rate hike in H1 2018.
- 5-yr and 10-yr breakevens are 1.5bp tighter, but 30-yrs are unchanged. While
majority of swap spreads are 1.5bp wider, except for 2-yr which is 0.5bp tighter
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.