-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
-
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessConfirms Will Continue Buying Ops, Studying "Patterns Of Demand"
The BoE has issued a market notice confirming it will continue to conduct long-dated Gilt purchase operations through the previously specified date of Oct 14.
- Though following today's very low takeup (GBP22mln of GBP5bln available), the Bank reminds that the operations are designed to "act as a backstop".
- As we noted earlier asking why there was such a low takeup, there is no detail on the offer prices that were rejected, just those submitted. The Bank reminds that it "reserves the right to set a maximum price / minimum yield that will be applied to auctions. These reserve prices / yields are reviewed ahead of each auction to ensure consistency with the backstop nature of the scheme."
- Additionally, "the Bank is studying patterns of demand and will continue to use reserve pricing in order to ensure the backstop objective of the tool is delivered. In addition, the Bank stands ready to adjust any of the other parameters of the auction in order to secure that objective. Finally, from Tuesday 4 October, the Bank is asking GEMMs to identify offers made on behalf of themselves or clients."
- Slightly bearish reaction in Gilt prices to the announcement, though yields remain much higher than they began today's operation (30Y last 3.89%, up 7bp on the session, though up nearly 35bp from pre-op).
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.