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Strong auction

GILT AUCTION RESULTS
  • That is a strong auction for the 30-year green gilt, with a tight tail of 0.3bp and strong bid-to-cover in excess of 3x at 3.05x.
  • The LAP was of 50.570 was broadly in line with the secondary market price ahead of the dip around the auction closing time. And was around levels that hadn't been seen since shortly after the open.
  • Gilt futures were also briefly dragged higher a handful of ticks on the results publication.
  • Recall there is no PAOF for green gilt auctions.

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