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Light Downtick Around Average/Mediocre Auction

GILTS

Gilts slip a touch around the time of the declaration of a mediocre round of demand at the auction of the new Jun-28 line, with the tail widening and cover slipping when compared to the most recent auction of a comparable line (although the tail width is nothing out of the ordinary for a new issue). Still, both the average and low prices seen at the auction were above pre-auction mids. Futures last show +35 on the day, while cash Gilts are 1.5-3.5bp richer across the curve.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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