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Weakest auction of 2024 so far

GILTS
  • That's the weakest gilt auction of 2024 so far - with a tail of 1.2bp, but a still respectable bid-to-cover of 2.86x (all other conventional gilts have seen a 3x bid-to-cover or better in 2024, though).
  • The LAP was below the pre-auction mid-price - and was very close to the intraday low of the day - even taking into account the discount going into the auction.
  • Gilt futures also hit their lows of the day post-auction, from around 98.22 pre-results to a low of 98.06 at writing.

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