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Sunak Delivers Further Fiscal Support

GILT SUMMARY

Gilts have sold off through the day and the curve has bear steepened. Chancellor of the Exchequer Rishi Sunak earlier announced a further GBP4.6bn support package for UK businesses, adding further to the surge in Covid-related debt issuance in the pipeline.

  • Gilt cash yields are 1-4bp higher and the curve 3bp steeper. Last yields: 2-year -0.1586%, 5-year -0.1014%, 10-year 0.1950%, 30-year 0.7640%.
  • The Mar-21 gilt future trades at 135.46, near the bottom of the day's range (L: 135.41 / H: 135.73).
  • Short sterling futures are broadly 1.0 ticks higher in whites/reds/greens
  • The DMO has announced that it will sell GBP3.00bn of the 0.125% Jan-38 Gilt and GBP125bn of the 1.625% Oct-54 Gilt on Jan 12.
  • The BoE earlier purchased GBP1.48bn of long-dated gilts with offer-to-cover of 2.17x.
  • Looking ahead, the final services, construction and composite PMI estimates for December will be published tomorrow.
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