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Good demand for 10-year

  • Today's 10-year gilt auction is a bit more "back to normal" with good demand, following last month's softer auction (which had seen a 1.0bp tail and LAP below the pre-auction mid-price).
  • The LAP of 89.673 was higher than the mid-price on the secondary market at any time in the bidding window while the bid-to-cover of 2.75x was good (but still lower than the 3.04x cover seen in the April auction).
  • The 3.25% Jan-33 gilt will be on offer again on 9 August and 13 September.

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