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Average auction

GILT AUCTION RESULTS

That was a fairly average gilt auction. The bid-to-cover was marginally higher than seen in December (we had expected it to be a bit higher than today's result) and the tail was 0.7bp - wider than the 0.2bp that we have seen for this gilt earlier in the fiscal year. The LAP also came in lower than seen in the market 5 minutes before the auction.

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