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Mixed linker auction

GILT AUCTION RESULTS
  • A mixed linker auction, with a decent bid-to-cover in excess of 3x (albeit the lowest on a non-linker auction since September).
  • The price of 87.425 but below the secondary market low of the day at 87.448.
  • In spite of this, the 0.125% Mar-39 linker price is now higher than it was immediately on the release of the auction results (albeit it did have a very marginal dip at the time).- No wider impact on non-linker pricing.

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