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Long-End Pressure

GILT SUMMARY

The longer end of the gilt curve has come under pressure this afternoon alongside weak trading in equities. 3

  • Cash yields are 2-5bp higher with the 2s30s spread 4bp wider. Last yields: 2-year -0.043%, 5-year -0.0455%, 10-year 0.2612%, 30-year 0.8172%.
  • The Dec-20 gilt future trades at 135.64, towards the bottom end of the day's range (L:135.50 / H: 136.08).
  • The short sterling futures strip has steepened with greens/blues down 3.0-5.0 ticks on the day.
  • Looking ahead, focus next week will be on the BoE and FOMC meetings, particularly in light of speculation that the former could eventually opt for negative policy rates and given that the ECB this week effectively set up a fresh round of stimulus in December.
  • The data calendar will be light, with the final PMI prints for October being the main release of note.
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