Gilts are on a surge, buoyed by coupon payments due in early December, which help gilt futures outperform Bunds and rise nearly a point on the session. It's been a strong day for haven bonds in general, as concerns about a lack of progress on the US fiscal cliff weigh on riskier assets, but the UK is the standout performer. December gilts are up 0.91 at 120.23, while volumes in the March contract are now only a little short of December. The 10-year cash yield is 1.76%, with the spread against Bunds 2.5bps tighter at 39bps.
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