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Mixed 7-year launch auction

GILT AUCTION RESULTS
  • There was strong demand for the new 7-year 4.00% Oct-31 gilt - demonstrated by the 3.00x bid-to-cover.
  • However, as we noted was likely in our preview, the tail was relatively wide at 2.2bp. We aren't too concerned about this as a 7-year gilt hasn't been launched in some time so pricing was a bit more uncertain that usual. Also the closest comparable gilt more recently issued would be the 4.50% Jun-28 gilt which was some variable tails through H2-23 auctions.
  • Overall, it's a mixed auction. Gilt futures moved lower on the publication of the results - probably in reaction to the wide tail - but have already started to recover some of this move.
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