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Trading Weaker

GILT SUMMARY

While short-end gilts have gradually traded lower through the day, the longer end has lacked direction.

  • Cash yields up broadly 1-2bp higher on the day with the curve marginally steeper. Last yields: 2-year -0.1281%, 5-year -0.0388%, 10-year 0.2943%, 30-year 0.8619%.
  • The Mar-21 gilt future trades at 134.33, near the middle of the day's range (L: 134.20 / H: 134.43) and 2 ticks off yesterday's close.
  • Short sterling futures are broadly flat in whites and 0.5-1.0 ticks lower in reds/greens/blues.
  • The BoE purchased GBP1.48bn of long-dated gilts with offer-to-cover of 2.34x.
  • The DMO placed GBP6.5bn of the new 0.875% Jan-46 Gilt via syndication. The DMO also announced that GBP2.50bn of the 0.625% Jul-35 Gilt and GBP1.75bn of the 0.625% Oct-50 gilt will be sold on Jan 26.
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