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Strong 30-year gilt auction

GILT AUCTION RESULTS
  • Strong 30-year auction with a tight tail of 0.2bp and bid-to-cover of 3.35x.
  • Furthermore the pre-auction mid-price of 95.677 was exceeded with a lowest accepted price (LAP) of 95.757. The LAP was more in like with levels around 20 minutes before the auction cut-off.
  • Ahead of the results publication there was a move higher from 95.677 to around 95.78 - broadly in line with the average price of the auction. We moved marginally higher on the results but are now trading around 95.775, roughly half way between the LAP and average auction price.
  • Gilt futures are also back to levels of around half an hour ago post-auction.

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