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Corrective Bounce

ITALY

Draghi Govt On Brink Of Collapse

US TSYS/SUPPLY

Review 20Y Bond Auction Re-Open, Strong

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GILT SUMMARY
GILT SUMMARY: The number of coronas virus cases in the UK has now reached 373
with six confirmed dead. The government has in recent days indicated that it is
moving towards its 'delay' phase of official strategy to combat the outbreak.
- Tomorrow will see the release of monthly GDP, index of services,
manufacturing, trade and construction data. While ordinarily these would be key
flashpoints ahead of a BoE meeting, but this time around will take a backseat to
coronavirus which remains the dominant theme.
- The Mar-20 gilt future trades at 138.3, down 128 ticks from Monday's close and
10 ticks off the day's high; L-H: 137.86-138.4.
- Gilts have sold off with yields 3-6bps higher on the day. Cash yields (Last /
1d chg / L..H): 2Y (0.1117% / +3.4bp / 0.1008%...0.1506%); 5Y (0.1374% / +4.2bp
/ 0.128%...0.1788%); 10Y (0.2087% / +5.3bp / 0.2009%...0.255%); 30Y (0.5484% /
+4.7bp / 0.5416%...0.5965%).
- The curve has bear steepened: 2s10s (7.9bp / 1.4bp / 7.4bp..10.6bp); 2s30s
(41.6bp / 0.6bp / 41.4bp..48.3bp)
MNI London Bureau | +44 0203-865-3808 | bruce.jeffery@marketnews.com
MNI London Bureau | +44 0203-865-3808 | bruce.jeffery@marketnews.com

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