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LONDON - The United Kingdom (TADAWUL:4280) Debt Management Office (DMO) has successfully auctioned £4.25 billion of the 4⅜% Treasury Gilt due in 2030. The auction results revealed a competitive bidding process, with total bids reaching £14.42 billion, indicating a coverage ratio of 3.39 times.
The auction, which took place on Wednesday, saw the highest accepted bid at a price of £100.358, corresponding to a yield of 4.291%. The lowest accepted bid came in at £100.254, yielding 4.315%. The non-competitive allotment price, which represents the rounded average accepted price, was set at £100.269, with a yield of 4.311%.
In this auction, all bids accepted at the lowest price were allotted 45.3846% of the amount bid for. Competitive bids above this lowest accepted price were allotted in full, whereas those below were rejected. The DMO also announced that an additional stock of up to £1.062.5 million will be available for purchase at the non-competitive allotment price for successful bidders, as per the terms outlined in the Information Memorandum.
Gilt-edged market makers were allotted £637.5 million, while a nominal amount of £0.001 million was allotted to others in the non-competitive segment. The stock allotted to members of CREST, the electronic settlement system, will be credited to their accounts on the settlement date.
The auction’s "tail," which measures the difference in yield between the lowest accepted price and the average accepted price, was reported as 0.3 basis points.
This press release statement from the UK Debt Management Office provides a detailed account of the auction results for the 4⅜% Treasury Gilt 2030.
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