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Gilts edge lower after BoE, await ECB’s Draghi
British government bonds edged lower on Thursday as markets awaited the European Central Bank’s monthly news conference, after the Bank of England’s policy meeting and a Spanish bond sale passed uneventfully.
The December gilt future was 7 ticks lower at 120.65 at 1147 GMT, broadly in line with the equivalent Bund and down from a six-day high of 120.86 touched at the start of the session.
Ten-year gilt yields were 1 basis point higher at 1.70 percent, and their spread over Bunds was a fraction tighter at just under 24 basis points.
Bunds came under some pressure after a Reuters report that the euro zone was considering aiding Spain by providing insurance for investors who buy its government bonds.
As expected, the BoE’s monetary policy committee kept policy unchanged and made no statement, as its four-month, 50 billion pound ($80 billion) programme of gilt purchases to stimulate Britain’s economy draws to a close.
“Ten-year gilts are pretty much going sideways today in line with Bunds,” said RBC fixed income strategist Sam Hill.
Spanish borrowing costs mostly fell at an auction of three bonds on Thursday and it managed to meet the top end of its 3-4 billion euro target, showing that investors still have appetite for the country’s debt in the belief a rescue package will come soon.
Like the BoE, the ECB left its key interest rate unchanged, but Hill said he did not expect too much more detail on potential assistance for Spain from ECB President Mario Draghi at a regular news conference scheduled for 1230 GMT.
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