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GILT AUCTION RESULTS: Very weak 7-year gilt auction

GILT AUCTION RESULTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets
  • Another wide tail on an auction of the 7-year 4.00% Oct-31 gilt (in line with our concerns we outlined in our preview). But the volume of bids was still decent (also in line with previous auctions).
  • The lowest accepted price of 101.040 was notably below any price traded on the secondary market ahead of the auction and through the bidding window.
  • The seconday market price is still trading above this level (but falling) at writing.
  • Gilt futures fell around 10 ticks on the publication of the result and have fallen further to a new intraday low of 99.08 at writing.
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  • Another wide tail on an auction of the 7-year 4.00% Oct-31 gilt (in line with our concerns we outlined in our preview). But the volume of bids was still decent (also in line with previous auctions).
  • The lowest accepted price of 101.040 was notably below any price traded on the secondary market ahead of the auction and through the bidding window.
  • The seconday market price is still trading above this level (but falling) at writing.
  • Gilt futures fell around 10 ticks on the publication of the result and have fallen further to a new intraday low of 99.08 at writing.