Very weak gilt auction with a tail of 2.2bp (we have only seen two auctions with a tail exceeding 2bp since 2019).
In addition the LAP of 83.463 was way below the pre-auction mid-price.
The 0.50% Jan-29 gilt has moved to closer to the LAP and pulled the rest of the gilt curve lower as a result.

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Very weak gilt auction with a tail of 2.2bp (we have only seen two auctions with a tail exceeding 2bp since 2019).
In addition the LAP of 83.463 was way below the pre-auction mid-price.
The 0.50% Jan-29 gilt has moved to closer to the LAP and pulled the rest of the gilt curve lower as a result.

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Very weak auction