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Long-dated purchase anlaysis

BOE APF PURCHASES
  • The overall offer-to-cover fell from 2.78x to 2.29x. However this can largely be accounted for with the 1.25% Jul-51 gilt being ineligible for purchase (it had GBP722.8mln of offers last week).
  • The rest of the data is rather unremarkable with slightly more gilts offered through the rest of the 30-40 year range than last week.

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