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GILT AUCTION RESULTS: Tender: High bid-to-cover but not a tight tail

GILT AUCTION RESULTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets
  • High bid-to-cover of 4.17x for the gilt tender this morning - although this should be higher than a normal auction due to the smaller size.
  • The tail of 0.9bp isn't particularly tight, but there is not really much precedent for anything sub-2 year being sold in the UK - and with it being a tender there was no non-competitive offering today.
  • No notable price impact following the tender.
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  • High bid-to-cover of 4.17x for the gilt tender this morning - although this should be higher than a normal auction due to the smaller size.
  • The tail of 0.9bp isn't particularly tight, but there is not really much precedent for anything sub-2 year being sold in the UK - and with it being a tender there was no non-competitive offering today.
  • No notable price impact following the tender.