UK sells GBP 2.25bln 4.75% 2035 Treasury Gilt: b/c 3.50x (prev. 3.63x), average yield 4.911% (prev. 4.585%), tail 0.2bps (prev. 0.2bps)
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ECB's Kazaks says it is clear prices will be higher, and growth will be slower; further interest rate increases are needed "if inflation spreads from energy" no matter the current levels
China and Brazil have reportedly held a meeting on agriculture
UK sells GBP 2.25bln 4.75% 2035 Treasury Gilt: b/c 3.50x (prev. 3.63x), average yield 4.911% (prev. 4.585%), tail 0.2bps (prev. 0.2bps)
The Netherlands sells EUR 1.63bln vs exp. EUR 1.5-2.0bln 3.50% 2056 DSL via tap: average yield 3.51% (prev. 3.469%)
UK FCA is to set out the approach on motor finance redress on March 30th after market close
On the Newsquawk feed at , 20 minutes before this page.
Context
The UK Treasury's recent gilt auction saw lower demand with a bid-to-cover ratio of 3.50x compared to the previous 3.63x, indicating reduced investor appetite. The rise in the average yield to 4.911% from 4.585% signals increasing borrowing costs, reflecting broader market sentiments around inflation and tightening monetary conditions. This sequential drop in demand could suggest caution among investors, potentially impacting future gilt issuance and rate expectations.
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