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Medium-dated analysis

BOE APF PURCHASES
  • Offer-to-cover of 2.65x was almost unchanged from last week's 2.64x, despite the 1.125% Jan-39 gilt being eligible for the first time.
  • This saw a tilt towards offers at the longer-end of the bucket with GBP1.43bln offer of 14-20 years, up from GBP0.81bln last week.
  • There was a corresponding fall in offers of 7-10- years from GBP2.22bln to GBP1.62bln.
  • In terms of Bank purchases 70% were in the 14-20 year area (30% of 7-10 years). Whereas last week, Bank purchases of 14-20 years were 33% and 7-10 years 67%.
  • (Note there were no eligible gilts between 11-13 years in maturity).
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