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Sunak Ups The Ante On Job Support Scheme

GILT SUMMARY

Gilts have been offered today and the curve has bear steepened.

  • Cash yields are now 2-4bp higher on the day and the curve 2bp steeper. Last yields: 2-year -0.0384%, 5-year -0.0322%, 10-year 0.2712%, 30-year 0.8437%.
  • The Dec-20 gilt future trades at 135.52, towards the lower end of the day's range (L: 135.45 / H: 135.87).
  • Chancellor of the Exchequer Rishi Sunak as announced further job support measures following the fresh surge in coronavirus infections and tightening of social restrictions across the UK.
  • The DMO earlier sold GBP2.25bn of the 0.625% Jul-35 Gilt and GBP1.75bn of the 0.625% Oct-50 Gilt. A further GBP382.0mn and GBP236.875mn of the respective issues was taken up through the PAOF.
  • Tomorrow will see the release of retail sales for September and preliminary PMI data for October.
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