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GILT AUCTION RESULTS: 4.375% Mar-28 Gilt Auction A Little Soft

GILT AUCTION RESULTS
CEEMEABulletUKMarketsFixed Income Bullets

The lowest accepted price of 100.213 was a touch below the prevailing pre-auction mid-price of 100.2175. Meanwhile, the bid-to-cover ratio was a little below than the last two auctions of the 4.375% Mar-28 Gilt (3.09x vs 3.20x at the January reopen, 3.12x at the November launch).

  • Yield tail of 0.5bps little wider than in January (0.2bps), but tighter than the 1bp seen in November.
  • Fairly contained reaction in Gilt futures since the results were published, now -47 ticks on the session at 92.14.
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The lowest accepted price of 100.213 was a touch below the prevailing pre-auction mid-price of 100.2175. Meanwhile, the bid-to-cover ratio was a little below than the last two auctions of the 4.375% Mar-28 Gilt (3.09x vs 3.20x at the January reopen, 3.12x at the November launch).

  • Yield tail of 0.5bps little wider than in January (0.2bps), but tighter than the 1bp seen in November.
  • Fairly contained reaction in Gilt futures since the results were published, now -47 ticks on the session at 92.14.