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APF SALES: Analysis

BOE
  • Over half of the accepted bids were for the 4.25% Mar-36 gilt.
  • The bid-to-cover was marginally higher than for the previous medium-dated op (which was 2 weeks ago).
  • Gilt futures are down around 5 ticks since the results were released, but this move is unlikely to be driven by the APF results - with a similar move seen in Bund / TY1 futures over the past 10 minutes or so.

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