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Fairly average long-dated APF results

BOE APF SALES RESULTS
  • Fairly average long-dated APF sales bid-to-cover of 1.64x - below the mean of 1.72x since long-dated operations began at the start of 2023 and almost exactly in line with the year-to-date of 1.63x. A notable pickup from the previous 1.18x bid-to-cover.
  • Over 60% of the sales were of the 50-year 1.625% Oct-71 gilt with a further 16% of sales of the 1.75% Jul-57 gilt.
  • No real market reaction in either gilt futures or the 10s30s curve.

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