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Decent auction

GILT AUCTION RESULTS
  • The 3-year gilt auction (3.75% Mar-27 gilt) wasn't quite as strong as the launch 4 weeks ago, but still showed a strong bid-to-cover in excess of 3x (3.04x) while the tail was 0.5bp - not the tightest but also not too bad.
  • There has been a move lower in the 3.75% Mar-27 gilt (and wider gilt futures) following the release of the results, but we don't think this move would be triggered from this decent auction.

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