Monday July 6, 03:17 PM
BoE gets 1.42 cover in 3.5 bln stg gilt purchase
LONDON, July 6 (Reuters) - The Bank of England said it received a cover ratio of 1.42 in its purchase of 3.5 billion pounds of long-dated gilts on Monday, when it focused on the two shortest and the longest maturities in its basket.
Gilt futures extended gains by around 20 ticks at one point after news of the relatively low cover in the reverse auction, which attracted offers totalling 4.975 billion pounds.
The BoE bought 1.101 billion pounds of the 4.75 percent 2020 gilt and 807 million pounds of the 4 percent 2022 gilt, as well as 823 million pounds of the 4.25 percent 2032 gilt.
The central bank bought considerably less of the other four maturities in its basket.
(Reporting by David Milliken) Keywords: BRITAIN BANK/COMPETITIVE
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