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UK bonds sag after soft demand at first BoE sale of medium-dated gilts


Bank of England sells 750 million stg of 7-20 year gilts, modest demand By Reuters

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Economy 6 minutes ago (Nov 07, 2022 15:11)

© Reuters. FILE PHOTO: A general view of the Bank of England (BoE) building in London, Britain, August 4, 2022. REUTERS/Maja Smiejkowska

LONDON (Reuters) – The Bank of England sold 750 million pounds ($859 million) of gilts with a maturity of 7-20 years on Monday, its first sale of medium-dated bonds as it unwinds its quantitative easing holdings, but received only modest demand from investors.

Investors bid for 1.012 billion pounds of gilts, less than half the bids the central bank received at its first QE unwind auction on Nov. 1, when it sold 750 million pounds of short-dated British government bonds.

Gilt futures sank around 20 ticks after the auction result, but remained above the day’s low.

($1 = 0.8734 pounds)

Bank of England sells 750 million stg of 7-20 year gilts, modest demand

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