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Weaker medium-dated op; but in line with levels 3 months ago

BOE APF SALES RESULTS
  • Only 2 gilts sold in today's operation, which was also a lot softer than the past couple of medium-dated operations but not notably different from operations seen around 3 months ago.
  • Also 87% of the bids received today were for the two gilts sold: the 0.625% Jul-35 gilt and the 4.25% Mar-36 gilt.
  • No notable specific impact from the operation but gilts were a little softer into the bidding window closing and have moved around 10 ticks higher since their pre-bidding-window low.

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