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Simmering Tension Over Access To Covid Vaccines

GILT SUMMARY

Having traded weaker earlier into the session, gilts have clawed losses since midday to now trade close to unch on the day.

  • Last yields: 2-year -0.1422%, 5-year -0.0611%, 10-year 0.2651%, 30-year 0.8370%.
  • The Mar 21 gilt future trades at 134.68, 5 ticks below yesterday's close.
  • Tensions continue to simmer between the UK and EU over access to Covid vaccines with Health Secretary Matt Hancock arguing against 'protectionism' in response to reports that the EU could restrict exports of the vaccine.
  • The DMO earlier sold GBP2.50bn of the 0.625% Jul-35 gilt and GBP1.75bn of the 0.625% Oct-50 gilt. A further GBP436.25mn of the former was taken up through the PAOF, while the PAOF for the latter was no taken up.
  • Data published earlier in the session showed better than expected labour market data for November (3m/3m employment change -88k vs -104k survey, wages ex bonus 3.6% Y/Y vs 3.2% survey).
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