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Average to moderately weak auction

GILT AUCTION RESULTS
  • The price of the 3.50% Oct-25 gilt had been falling in the 13 minutes or so ahead of the auction cutoff so the wider tail on today's auction can partly be explained by the market move (although it could be argued that the market move was partly due to the auction itself).
  • The bid-to-cover of 2.67x was only a little lower than the 2.77x seen at the previous strong auction (which had a 0.3bp tail).
  • The average auction price of 96.325 was largely in line with the pre-auction mid-price of 96.321.
  • Overall, we would describe it as an average to moderately weak auction.
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