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Moment of Truth For Brexit Negotiations

GILT SUMMARY

Gilts have rallied and the curve has bull flattened as Brexit reaches the 'moment of truth'.

  • Cash yields are 4-6bp lower on the day while the 2s30s spread is 1bp narrower. Last yields: 2-year -0.1068%, 5-year -0.0575%, 10-year 0.2344%, 30-year 0.7855%.
  • The Mar 21 gilt future trades at 135.01, 7 ticks off the day's high.
  • Focus today has been on Brexit negotiations, with recent optimism on the prospects of a deal ebbing as Michel Barnier warned that there was just hours to reach an agreement, while Boris Johnson argued that it is now down to the EU to move its position on fishing rights.
  • The DMO earlier sold GBP5.0bn of 1-/3-/6-month T-bills.
  • Retail sales data for November was better than expected (-2.6% Y/Y vs -4.0%) while the CBI Trends Total Orders series for December was above the consensus estimate (-25 vs -40 survey).
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