BoE Gilt purchase auction well subscribed

The Bank of England's latest reverse auction of longer-dated Gilts was well-subscribed, obtaining £3.123bn of offers versus the £1.170bn accepted, resulting in a cover ratio of 2.67.

The largest amount of offers was of 22 January 2045 Gilts to the tune of £775.1m, of which only £53.7m were accepted.

Instead, the central bank focused on 7 September 2039 Gilts, of which it purchased £396.4m and 22 July 2065 debt of which it bought back £295.1m.

As of 15:11 BST the yield on the benchmark 10-year yield was up by four basis points at 0.566% versus 0.546% as of 14:35.