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Nearing Vaccine Rollout

GILT SUMMARY

Gilts have traded weaker through the afternooon and the curve has bear steepened.

  • Cash yields are up to 2bp higher on the day, with the 2s30s spread 2bp wider. Last yields: 2-year -0.0199%, 5-year 0.0324%, 10-year 0.3624%, 30-year 0.9287%.
  • The Mar-21 gilt future trades at 133.57, towards the bottom end of the day's range (L: 133.52 / H: 133.96)
  • The UK has become the first country to approve a Covid vaccine, with rollout expected to start next week.
  • It has been reported that UK has shifted its position slightly on fish catches, but there remains a significant gulf with the EU.
  • The DMO sold GBP1.0bn of 0.125% Aug-28 linker and GBP2.75bn of the 0.25% Jul-31 gilt. The PAOF of the 0.25% Jul-31 gilt was not taken up.
  • The BoE purchased GBP1.473bn of medium-dated gilts with offer-to-cover of 1.67x.
  • Tomorrow sees the final November estimates for the services and composite PMI.
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