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Moving higher as the curve steepens

GILTS
  • It's another volatile, illiquid morning in the gilt market with gilts a bit higher and the curve steepening (albeit the move in the curve has been small by recent standards).
  • UK labour market data showed wages were grew a little faster than expected while the Bank of England made another change to its bond purchases this morning by announcing that it would also buy linkers with a residual maturity of at least 3-years in daily operations through the rest of the week. Breakevens have barely moved today. Corporate bond purchases were paused for the remainder of this week.
  • The results of the purchase operations will be shortly after 14:45BST for linkers and 15:45 for conventional long-dated gilts.
  • There will be increased focus on this morning's DMO linker auction with the 30-year 0.125% Mar-51 index-linked gilt on offer.
  • 2y yields down -9.5bp today at 4.222%, 5y yields down -9.0bp at 4.515%, 10y yields down -8.2bp at 4.384% and 30y yields down -4.8bp at 4.627%.
  • 2s10s up 1.4bp today at 16.3bp and 10s30s up 3.4bp at 24.3bp.
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