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Another soft 7-year gilt auction

GILT AUCTION RESULTS
  • The auction for the 7-year 4.00% Oct-31 gilt saw a tighter tail to its launch auction from February and a similar bid-to-cover despite a sligthly smaller auction size (GBP3.75bln today, GBP4.00bln in February). However, in absolute terms the 1.4bp tail was still relatively wide. Prior to these two auctions, there hadn't been a 7-year gilt auction since April last year.
  • The average price of the auction of 98.599 has only been exceeded in the 2 minutes of trading post-open today. However, the lowest accepted price of 98.510 was notably lower than the secondary market price of 98.567 as the auction closed and saw the price of the gilt fall back close to this price on the publication of the results.
  • We have since split the difference, trading at around 98.542 at the time of writing.
  • Gilt futures fell 9 ticks on the release of the results to 96.24 but again have pared around half of this difference at writing.
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