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UK 50-year gilts generate demand

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by Brian Turner
UK 50-year gilts generate demand

The first auction in forty years of 50-year gilts in the UK on Thursday, worth £2.5 billion, received 1.6 times the bids for the amount offered, considered to be a reasonable demand.

However, one analyst called the average yield at which it sold, 4.21 percent, “expensive” and not a good value.

Prices fell as the day progressed and the yield on the 50-year gilt ended 3.1 basis points higher at 4.230 percent. 30-year gilts were yielding 4.332 percent, a rise of 3 basis points.

Yields were up on 10- and 2-year gilts as well, with the 10-year gilt up 3.8 basis points to 4.352 percent and yields on the 2-year gilt at 4.363 percent, up 3.2 basis points.

Yields were either up or steady on eurozone government bonds. The 2-year Schatz held steady at a yield of 2.179 percent and the yield on the 10-year Bund sat at 3.318 percent, up 0.5 basis points.

Yields on US Treasury bonds were mixed, with the 2-year bond up 1.2 basis points to 3.635 percent, while yields on the 10-year bond fell 0.6 basis points to 4.084 percent.

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News posted: May 26, 2005

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