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Mixed 30-year gilt auction

  • Mixed results for the 3.75% Oct-53 gilt auction.
  • The tail of 0.8bp was tighter than at either the 19 September or 18 July auctions (the last two for this gilt).
  • However, the LAP was still below the pre-auction mid-price. The bid-to-cover was also decent at 2.60x - similar to the June auction and in excess of the 2.33x in July and 2.38x seen in September.
  • At writing we are trading around half way between the LAP and the average auction price.

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