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Have the goalposts moved again? (1/2)

BOE
  • 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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