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Context of that wide tail

GILTS

To put into context how wide that tail was:

  • Today's gilt auction had a 1.9bp tail.
  • The last time we had a tail that wide was in June 2019 (1.9bp tail on 10-year gilt).
  • We also saw a 1.8bp tail on a 30-year auction in March 2020 (when the gilt market was in turmoil following the spread of the first wave of Covid-19 cases in Europe).

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