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Decent auction

GILT AUCTION RESULTS
  • That was a decent gilt auction with the average price higher than any point traded on the secondary market ahead of the auction (although note that gilts had generally been ticking higher through the session anyway).
  • The tail of 0.3bp was tighter than seen in the March auction when 0.4bp was seen.
  • The bid-to-cover was marginally lower at 2.26x rather than 2.41x, but this also partly reflected the larger size of today's auction (GBP2.75bln nominal vs GBP2.50bln previously).

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