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High Jul-35 Gilt Bids Flatter APF Bid-Cover

BOE

Of note in today's medium-term APF sales was the large GBP1,221.1mln in bids received for the 0.625% Jul-35 Gilt (vs GBP32.3mln last time), of which the BoE sold zero.

  • Can't recall another APF where we've seen that amount bid for a single issue and there is no obvious reason why.
  • Excluding the stats for that particular Gilt puts the bid-cover at 2.25x vs the 3.79x for the operation as a whole - much more closely in line with the previous operations' bid-covers (1.87x, 2.28x, 2.49x, 2.16x).
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