Gilts
Gilts ran sharply higher after Moody’s downgraded Spain’s debt. That lent a fillip to those bonds perceived by investors to be less risky, gilts among them. The June gilt future settled 75 ticks higher at 117.02, just off a contract high touched earlier in the day. In the cash market, ten-year gilt yields fell seven basis points to 3.69 per cent.
Bet of the day
Spread-betters were selling the Debenhams share price of 60p before a trading update next week. Recent results from retailers have shown a marked decline in the number of shoppers coming through their doors, underscored by dismal sales figures this week from the British Retail Consortium. Cantor Index offers a March spread of 60.1p to 60.5p.
Deal of the day
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Provident Financial is the latest company to seek to raise money by selling bonds to private investors. The five-and-a-half-year paper will pay a fixed coupon of 7.5 per cent in two instalments a year. They will also be tradable on the London Stock Exchange’s platform for small investors. Evolution Securities is handling the issue.