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Free AccessHave the goalposts moved again? (1/2)
- The goalposts appeared to move in yesterday's long-dated conventional gilt purchase operations by the Bank of England.
- In the early days of the operations, the Bank appeared to be buying at the operations at a reasonable bid-ask spread above the mid-price. At operations at the beginning of last week, the Bank started only accepting offers that were a little below mid-price. It then confirmed on Friday 7 October the best unallocated offer "was at a spread of -0.1bps to market-mid yields at the close of the auction". On Tuesday 11 October, it was confirmed that this spread had changed to -0.2bps.
- Yesterday's operation saw the Bank reject no offers and saw some offers accepting at a decent premium to the mid-price. This may well entice further offers to be submitted today - which would likely help market sentiment further if the vast majority of offers were accepted again.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.