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1.1bp tail

  • A 1.1bp tail on today's 15-year 3.75% Jan-38 gilt auction. That's smaller than seen at last week's auctions but still sees the lowest accepted price below the pre-auction mid today.
  • Post-auction we moved to a low of 92.423: below the 92.491 LAP but still above today's intraday low of 92.368 seen around 15 minutes before the auction close.
  • At the time of writing we have moved back to trading around the LAP.
  • All in all, another relatively weak auction, but not as weak as last week.

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