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Strong auction

GILT AUCTION RESULTS
  • That was a strong short-dated gilt auction with the LAP for the 3.50% Oct-25 Gilt of 95.382 in line with the pre-auction highs of the day.
  • The tail of 0.3bp was the tightest it has been for this gilt (this is the fifth auction).
  • The price has continued to move higher, now trading at 95.415 at writing, comfortably higher than the average price of 95.389.
  • Gilts across the curve have also moved higher, partly helped by the slightly lower Eurozone PPI data released at the same time as the gitl auction.

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