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Inaugural long-dated APF sales op underway

BOE
  • A reminder that the inaugural BOE long-dated APF sales operation (from its QE portfolio rather than Financial Stability portfolio) is underway at present.
  • Results will be due shortly after the operation ends at 14:45GMT.
  • GBP650mln will be available to purchase in cash terms.
  • Since the prices of these gilts will be lower than their initial purchase price, the reduction in the size of the balance sheet will be larger than GBP650mln with the difference being a loss that will be indemnified by the government.
  • However, bear in mind that the Financial Stability portfolio made a profit so the losses from these operations will be more than offset in this quarter. Furthermore, the costs of carry currently outweigh the profits/losses of sales.
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