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Short-dated APF sales operation results due at 14:45GMT

BOE
  • A reminder that we will receive the results of the BOE's short-dated APF sales operation at 14:45GMT.
  • The last short-dated operation on 9 February was technically uncovered with only GBP621.2mln of bids accepted by the BOE.
  • This means that at today's operation, the Bank has the option to accept up to GBP678.8mln if there are much more acceptable bids (rather than the planned GBP650mln).
  • Today's operation has the potential to be market moving if it is uncovered again, particularly after the disappointing 2.2bp tail seen in Tuesday's 0.50% Jan-29 gilt auction.
  • Furthermore, if we were to see a big increase in bids for today's operation, it could support gilts a little in the short-term.

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