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After yesterday the BOE failed to attract enough selling interest to fully cover its long-maturity QE operation, bond traders were sitting on edge for the results of today’s latest “POMO” open market operation, which concluded moments ago, to see if it too would have a shortfall in supply.
That did not happen, and instead as the BOE revealed moments ago, there was a substantial GBP5.51 billion in gilts offered for sale to the BOE, resulting in a comfortable coverage of 4.71.
The immediate result: selling in the gilt complex, as traders breathe a sigh of relief that there will be more sellers after all, which in turns leads to more selling not just in the UK but also across the Atlantic.
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