Monday June 29, 03:10 PM
BoE buys 3.5 bln stg of long gilts, cover ratio 1.22
LONDON, June 29 (Reuters) - The Bank of England achieved a cover ratio of 1.22 on Monday when it bought 3.5 billion pounds of British government debt in its weekly reverse auction for long-dated gilts.
Investors submitted bids
totalling 4.271 billion pounds.
Gilt futures rallied more than 20 ticks after the result was announced to stand at 118.80, up 66 ticks on the day.
The BoE focussed its purchases on the 4.75 percent 2020 gilt, buying 1.508 billion pounds of the stock.
The central bank said earlier it had received no offers from institutional investors to sell gilts via the non-competitive auction process.
For full details of the auction result, see
http://www.bankofengland.co.uk/markets/money/Round2.html Keywords: BRITAIN BANK/COMPETITIVE
(UK Economics Desk; Tel. +44 207 542 2774)
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