US: Trump Admin Reconcilliation Strategy Risks Defence Budget Shortfall 2/2
Jun-11 09:09
The appropriations process now increasingly acrimonious. As Democrats have rejected an increase to t...
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GILT AUCTION RESULTS: Decent 5-year auction
May-12 09:07
- Decent gilt auction result for the 5-year 4.125% Mar-31 gilt, despite headlines hitting in the last 15 minutes of the auction window.
- The tail of 0.2bp was tighter than in the March 5-year auction while the lowest accepted price of 97.740 exceeded the pre-auction mid-price as the bidding window closed.
ITALY T-BILL AUCTION RESULTS: 2/12-month BOT Results
May-12 09:04
| Type | 2-month BOT | 12-month BOT |
| Maturity | Jul 14, 2026 | May 14, 2027 |
| Amount | E1.5bln | E8.5bln |
| Target | E1.5bln | E8.5bln |
| Previous | E1.5bln | E7.5bln |
| Avg yield | 2.116% | 2.699% |
| Previous | 2.225% | 2.604% |
| Bid-to-cover | 1.75x | 1.44x |
| Previous | 1.77x | 1.44x |
| Previous date | Apr 10, 2025 | Apr 09, 2026 |
GILT AUCTION PREVIEW: 4.125% Mar-31 gilt
May-12 09:03
| 4.125% Mar-31 Gilt | Previous | |
| ISIN | GB00BVP99673 | |
| Amount | GBP4.00bln | GBP4.00bln |
| Avg yield | 4.651% | 4.228% |
| Bid-to-cover | 3.36x | 3.33x |
| Tail | 0.2bp | 0.3bp |
| Avg price | 97.747 | 99.540 |
| Low price | 97.740 | 99.528 |
| Pre-auction mid | 97.713 | 99.500 |
| Previous date | 17-Mar-26 |
