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Vaccine Politics

GILT SUMMARY

The gilt curve has flattened during the day on the back of the long-end firming.

  • The curve is flat at the front and in the belly with long-end yields 1-2bp lower. Last yields: 2-year -0.1427%, 5-year -0.0643%, 10-year 0.2588%, 30-year 0.8245%.
  • The Mar-21 gilt future trades at 134.75, near the middle of the day's range (L: 134.41 / H: 134.95).
  • Brussels has argued that AstraZeneca has a legal obligation to supply Covid vaccines from its UK production plants. The intervention follows several days of increasingly tense exchanges between the UK and EU over the access to vaccines.
  • The DMO sold GBP1.0bn of the new 0.125% Aug-31 linker. A further GBP36.3mn was taken up through the PAOF.
  • The BoE purchased GBP1.48bn of medium-dated gilts with offer-to-cover of 3.61x.
  • UK PM Boris Johnson announced that schools would remain closed until March 8 in a bid to combat coronavirus infections.
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