The UK's first two gilt auctions since voting to leave the European Union were met with high demand, this week – in particular the 10-year sold today (July 7).
The UK's Debt Management Office (DMO) sold £2.25 million of 10-year gilts today, at an average yield of 0.91%. Bids exceeded the amount on sale by 2.3 times.
This was the second auction since the referendum vote on June 23. The first issuance drew bids exceeding the amount on sale by 1.8 times, allowing the five-year bond to be sold at a