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GILT AUCTION RESULTS: Another soft 5-year gilt auction

GILT AUCTION RESULTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets
  • Another soft 5-year gilt auction, as we expected, with a 1.2bp tail (but with the bid-to-cover still hovering around 3x).
  • Both the average accepted price and the lowest accepted price were on the soft side. Indeed, the 101.010 was below the secondary market price low pre-results intraday low of 101.054.
  • The weakness has seen gilt futures move to their lows of the day from around 98.48 pre-results to 99.36 at writing, 12 ticks lower.
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  • Another soft 5-year gilt auction, as we expected, with a 1.2bp tail (but with the bid-to-cover still hovering around 3x).
  • Both the average accepted price and the lowest accepted price were on the soft side. Indeed, the 101.010 was below the secondary market price low pre-results intraday low of 101.054.
  • The weakness has seen gilt futures move to their lows of the day from around 98.48 pre-results to 99.36 at writing, 12 ticks lower.