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BOE APF SALES RESULTS: Soft long-dated APF operation, but little impact on price

BOE APF SALES RESULTS
Bank of EnglandCentral Bank NewsCEEMEABulletUKGlobalFixed Income BulletsRegionMarkets

That is the second lowest bid-to-cover for a long-dated APF operation at 1.21x (a little higher than the 1.18x seen on 17 June).

  • Like the September operation, the ultra-long end saw around two thirds of the sale, with GBP407.8mln of the 1.625% Oct-71 gilt sold (out of GBP600mln total sales today).
  • However unlike the last operation, other sales were more dispersed cross the curve, but that was largely because there were no other gilts that saw more than GBP58mln of offers today, and with the bid-to-cover so low there was not much of an opportunity for the BOE to reject bids today.
  • No notable impact on gilt futures from the op (or on the 10s30s curve which has flattened notably over the past couple of sessions).
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That is the second lowest bid-to-cover for a long-dated APF operation at 1.21x (a little higher than the 1.18x seen on 17 June).

  • Like the September operation, the ultra-long end saw around two thirds of the sale, with GBP407.8mln of the 1.625% Oct-71 gilt sold (out of GBP600mln total sales today).
  • However unlike the last operation, other sales were more dispersed cross the curve, but that was largely because there were no other gilts that saw more than GBP58mln of offers today, and with the bid-to-cover so low there was not much of an opportunity for the BOE to reject bids today.
  • No notable impact on gilt futures from the op (or on the 10s30s curve which has flattened notably over the past couple of sessions).