Britain sold £3.25 billion of green gilts on Thursday, issuing bonds that pay a 4.625% coupon and come due in 2037.
The auction's lowest accepted price was 97.442, which equates to a yield of 4.935%. At the top end of accepted competitive bids, the highest price was 97.525, corresponding to a yield of 4.925%. Non-competitive bidders were allocated at a price of 97.455 with a yield of 4.934%.
Total bids submitted to the sale amounted to £10.75 billion, producing a bid-to-cover ratio of 3.31. The auction recorded a yield tail of 0.2 basis points and a price tail of 1.3 ticks, indicating the spread between the highest and lowest accepted competitive offers.
Allocation details show competitive bids received £2.76 billion of the issue. Non-competitive bids accounted for £487.5 million from gilt-edged market makers and £0.002 million from other participants. At the lowest accepted price, the percentage allotted was 19.5297%.
Auction mechanics and allocation
The sale split the £3.25 billion nominal amount between competitive and non-competitive participants. Competitive bidders had their offers accepted across a range of prices, with the highest and lowest accepted competitive prices recorded as 97.525 and 97.442 respectively. Non-competitive bids were filled at the single price of 97.455 and matched to a yield of 4.934%.
Demand indicators
With total bids of £10.75 billion against the £3.25 billion on offer, the auction produced a bid-to-cover ratio of 3.31. The reported yield tail of 0.2 basis points and a price tail of 1.3 ticks quantify the dispersion among accepted competitive bids. The percentage allotted at the lowest accepted price was 19.5297%, reflecting the share of demand satisfied at that price point.
This report presents the auction results and allocation figures as released. It does not include commentary beyond the figures and breakdowns provided.