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Medium-dated analysis

  • The biggest reason for the increase in the offer-to-cover is that the 0.25% Jul-31 gilt is now eligible. This on its own accounted for almost the whole net increase in offers.
  • Other changes were more marginal. Offers of the 1.625% Oct-28, 0.875% Oct-29 and 0.375% Oct-30 in aggregate were roughly unchanged bit were more event this week rather than skewed towards the 0.375% Oct-30 last week.
  • There was a fall in offers of the 4.75% Dec-38 (although this in effect fell by the amount bought last week) while offers of the 4.25% Sep-39 increased.

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