British government borrowing costs plunged to record lows on Tuesday as the Brex...
LONDON - British government borrowing costs plunged to record lows on Tuesday as the Brexit crisis prompted investors to seek the safety of gilts which outperformed both European and U.S. debt markets.
The 10-year gilt yield GB10YT=RR slumped to a new record low of 0.341% in early trading, according to Refinitiv data, and it recovered only some of its losses to stand at 0.367% as of 1045 GMT — down 5 basis points on the day. “Clearly the latest political developments are what’s causing the more emphatic move in gilts,” John Wraith, strategist at UBS, said.At the short end, the five-year gilt yield GB5YT=RR fell to its lowest since October 2016 at 0.202%, while the two-year yield GB2YT=RR touched its lowest since September 2017 at 0.265%.
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