Gilts set to glister
January was a tough month for UK gilts, in particular for benchmark 10-year bonds which have underperformed their German counterparts by as much as 20 basis points since late December.
The fall-back in gilts has seen the yield on 10-year debt rise to a semi-annualised 4.99%. On an annualised basis, 10-year gilts are now trading 20 basis points over Bunds. This is the top end of a 16-month trading period, which has seen the benchmark UK bond trade in a range of 22 basis points over to 15 basis
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