Mar
26th
Thu
26th
Government Bonds Auctions Can Fail. And They Just Did.
It had to happen sooner or later. It happened in the UK.
Via The Telegraph:
The UK Debt Management Office (DMO) attracted just £1.67bn in bids for its sale of £1.75bn of 2049 gilts this morning, its first uncovered auction of conventional gilts since 1995.
The cover of just 0.93 times is believed to be the lowest in history and far worse than the 0.99 times in 1995. The average cover of the last three auctions was 2.1 times.
