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GILT AUCTION RESULTS: Slightly soft 10y auction - but not as soft as last time

GILT AUCTION RESULTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets
  • Today's 10-year gilt auction was a bit stronger than last month's but still saw a 0.9bp tail (on top of a decent concession going into the auction). Overall, it's a slightly soft auction, but probably not as soft as some had feared given the 1.3bp tail seen at the last auction.
  • The lowest accepted price of 100.553 had last been traded around half an hour ahead of the auction cut-off window with a high of 100.698 achieved around 7 minutes ahead of the auction closing (according to Bloomberg data).
  • The immediate market reaction on the publication of the result was to drop from 100.607 to 100.548 (just below the low auction price), but the 4.25% Jul-34 gilt has since recovered and is now trading above the 100.623 average auction price at writing.
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  • Today's 10-year gilt auction was a bit stronger than last month's but still saw a 0.9bp tail (on top of a decent concession going into the auction). Overall, it's a slightly soft auction, but probably not as soft as some had feared given the 1.3bp tail seen at the last auction.
  • The lowest accepted price of 100.553 had last been traded around half an hour ahead of the auction cut-off window with a high of 100.698 achieved around 7 minutes ahead of the auction closing (according to Bloomberg data).
  • The immediate market reaction on the publication of the result was to drop from 100.607 to 100.548 (just below the low auction price), but the 4.25% Jul-34 gilt has since recovered and is now trading above the 100.623 average auction price at writing.