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Long-dated analysis

  • Decent increase in the offer-to-cover ratio, after last week fell marginally below 2x.
  • Biggest increases in offer were in the 20-year area of the curve (1.25% Oct-41, 4.50% Dec-42, 3.25% Jan-44)
  • Only notable reductions in offers were around the 30-year area of the curve (0.625% Oct-50 and 1.25% Jul-51). But note that these offers have reduced by less than the Bank purchased of these gilts last week.

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