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GILT SUMMARY

Gilts have sold off and the curve has bear steepened alongside gains for equities and the pound.

  • The long end of the gilt curve is underperforming with 30/40/50-year yields up 7bp on the day and still offered. The very long-end of the curve is 7bp steeper. Last yields: 2-year 0.0383%, 5-year 0.2804%, 10-year 0.722%, 30-year 1.3262%.
  • The Mar 21 gilt future trades at 129.72, 49 ticks of yesterday's close.
  • Having breached 1.40, cable is now inching through 1.41 in what has been an uneven session in G10 FX vs the USD.
  • The DMO earlier sold GBP2.0bn of the .625% Oct-50 gilt. A further GBP499.998mn was taken up through the PAOF.
  • The BoE purchased GBP1.48bn of long-dated gilts with offer-to-cover of 2.91x.
  • This morning's labour data was mixed with average earnings growth for December coming in higher than expected (particularly when including bonuses), alongside a worse than expected reading for employment (-114k vs -30k consensus on 3m/3m basis).
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