UK sells GBP 900mln 1.875% 2049 I/L Treasury Gilt: b/c 3.20x (prev. 3.39x), real yield 2.165% (prev. 2.36%)
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[MARKET ANALYSIS] Global benchmarks initially firmer, but hit as the risk tone deteriorated
WSJ Fedwatcher Timiraos notes that the underlying legal question of what happens when a Fed chair's term expires without a confirmed successor remains unsettled
UK sells GBP 900mln 1.875% 2049 I/L Treasury Gilt: b/c 3.20x (prev. 3.39x), real yield 2.165% (prev. 2.36%)
EU Inflation Rate MoM Final (Mar) M/M 1.3% vs. Exp. 1.2% (Prev. 0.6%, Low. 1.2%, High. 1.2%)
EU Inflation Rate YoY Final (Mar) Y/Y 2.6% vs. Exp. 2.5% (Prev. 1.9%, Low. 2.5%, High. 2.6%)
On the Newsquawk feed at , 20 minutes before this page.
Context
The UK's recent sale of GBP 900 million in 1.875% 2049 index-linked Treasury gilts saw a bid-to-cover ratio decrease from 3.39x to 3.20x, suggesting weaker demand compared to previous auctions. The real yield also fell from 2.36% to 2.165%, potentially indicating downward pressure on future yields and affecting investor sentiment towards longer-duration assets. This shift may foster concerns regarding market appetite for UK government debt amidst evolving economic conditions.
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