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Lower bid-to-cover - but not too big of a concern

BOE APF SALES RESULTS
  • It is a rather low bid-to-cover for a short-dated APF op, but we wouldn't be too concerned.
  • First, Reeves is due to make a fiscal statement in less than half an hour, second we have the BOE this week with a particularly uncertain outcome and finally the 1.25% Jul-27 gilt is no longer available and the 0.25% Jul-31 gilt hasn't yet dropped into the short bucket to replace it (maturities on 22nd and 31st of the month respectively).
  • Also looking at the price achieved on the sales today most of it was sold at or slightly above market price (for the 0.125% Jan-28 and 0.875% Oct-29 gilt. (The smaller sales of the 0.50% Jan-29 gilt and 0.375% Dec-30 gilt were on the soft side though).
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