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Another weak auction

GILT AUCTION RESULTS
  • Another weak auction for the 2-year 3.50% Oct-25 gilt. This follows yesterday's weak 30-year gilt auction (but also follows yesterday's BOE short-dated APF op which saw reasonable takeup).
  • The price of the 3.50% Oct-25 gilt has actually moved higher since the auction results were published despite the average auction price coming in below the pre-auction mid-price and despite the wide 2.0bp tail.
  • Gilt futures have also largely looked through the disappointing auction, falling around 8 ticks on the results publication but then rebounding back to prevailing levels within less than 2 minutes. Gilt futures have also since hit a new intraday high.
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