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Long-dated purchase analysis

BOE APF PURCHASES
  • Gilt futures moving spike to a new high of the day at 126.78 on the lower APF coverage ratio.
  • However, it is important to note that the benchmark 30-year gilt (1.25% Jul-51 gilt) is excluded from this weeks operation (as it will be auctioned next week).
  • If the gilt had been excluded from last week's operation that would have seen an offer-to-cover of 1.58x (not much higher than today's 1.51x) rather than the 1.94x achieved last week.

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