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Taking its cue from EGBs

GILT SUMMARY

Gilts have mainly traded inline with EGBs this afternoon, albeit trailing somewhat behind.

  • Gilt/Bund spread is in turn trending a touch wider, by 0.7bp at the time of typing.
  • UK 5/30s curve trades at flattest level since the 7th of May.
  • Very little in terms of risk events or speakers, but some attention was given to Dominic Cummings testifying on Government's handling of Covid.
  • And he didn't disappoint putting the full blame on Hancock.
  • Cummings: "The government rhetoric was we put a shield around people in career homes - that was complete nonsense. Quite the opposite of putting a shield around them, we sent people with Covid back to care homes with Covid."
  • Stringer: "How extraordinary".
  • Looking ahead, more for the US, Fed Quarles will discuss Economic outlook
  • Jun Gilt futures (G) up 37 ticks at 128.68 (L: 128.36 / H: 128.7)
  • UK: The 2-Yr yield is up 0.4bps at 0.02%, 5-Yr is down 1.5bps at 0.306%, 10-Yr is down 3.3bps at 0.753%, and 30-Yr is down 3.4bps at 1.286%.
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