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Average auction

  • It was an average auction for the 1.125% Jan-39 gilt with a bid-to-cover of 2.51x broadly in line with the April auction (which saw 2.58x).
  • The tail of 0.8bp is broadly in line with gilt auctions held since the end of July (the comparable 3.75% Jan-38 gilt saw a 1.1bp tail on 25 July).
  • In post-auction trading the 1.125% Jan-39 gilt has moved below the lowest accepted price of 60.261.

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