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GILT AUCTION RESULTS: Widest 10-year auction tail since December 2021

GILT AUCTION RESULTS
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets
  • The 1.3bp tail on today's auction is also the widest at a conventional (non-green) gilt 10-year gilt auction since December 2021.A wide tail on the 10-year gilt auction with the lowest bid-to-cover at a 10-year auction of 2024.
  • The 4.25% Jul-34 gilt is now trading below the pre-auction mid-price with the yield around 1bp higher than the intraday low.
  • Gilt futures fell around 5 ticks on the result (but that is a small move relative to the rest of the day.
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  • The 1.3bp tail on today's auction is also the widest at a conventional (non-green) gilt 10-year gilt auction since December 2021.A wide tail on the 10-year gilt auction with the lowest bid-to-cover at a 10-year auction of 2024.
  • The 4.25% Jul-34 gilt is now trading below the pre-auction mid-price with the yield around 1bp higher than the intraday low.
  • Gilt futures fell around 5 ticks on the result (but that is a small move relative to the rest of the day.