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ACGB Purchase Offer Details

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  • Decent fall in the offer-to-cover from 2.72x to 2.04x, but this can pretty much all be explained by falls in offers of 3 bonds:
    • 1.25% Oct-41, 0.625% Oct-50 and 1.625% Oct-71
    • The latter of these saw all the GBP400.5mln offered last week bought by the BOE, so its no real surprise to see the amount offered this week fall.
  • The only other notable change was that last week saw GBP458mln of the 3.50% Jan-45 gilt and GBP142mln of the 0.875% Jan-46 offered. This week sees those numbers almost switched around at GBP116mln and GBP496mln respectively.