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LONDON - The UK Debt Management Office (DMO) has successfully completed the auction of £3 billion in 4% Treasury Gilt, maturing in 2031. The auction, which took place on Thursday, saw competitive bids totaling £9.302 billion, indicating a strong demand with the auction being oversubscribed by 3.10 times.
The gilts were sold at prices ranging from £97.060 to £97.110, corresponding to yields from 4.522% to 4.513%. The lowest accepted price had a yield of 4.522%, while the average price of the accepted bids, which also serves as the non-competitive allotment price, was set at £97.085, yielding 4.517%.
In the competitive bidding process, all bids at the lowest accepted price were allotted 27.7108% of the amount they bid for. Bids above this price were accepted in full, while those below were rejected. The DMO also made an additional £750 million of the stock available for purchase at the non-competitive allotment price to successful bidders, as per the terms outlined in the Information Memorandum.
Gilt-edged market makers were allocated £450 million, and a nominal amount of £0.002 million was allocated to other non-competitive bids, totaling the £3 billion issuance. Settlement for members of CREST, the securities depository, will be arranged through member-to-member deliveries on the designated settlement date.
The auction results reflect the market’s appetite for UK government debt and provide an indication of investor confidence in the country’s economic outlook. The issuance is part of the government’s ongoing program to finance public spending and manage the national debt.
This report is based on a press release statement from the UK Debt Management Office.
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