By Laura Contemori – ROME (Econostream) – The UK Debt Management Office (DMO) on Wednesday allotted £4.250 billion of the 4⅛% Treasury Gilt 2031.

Accepted prices ranged from a highest accepted price of 99.332, equivalent to a yield of 4.282%, to a lowest accepted price of 99.317, equivalent to a yield of 4.286%. The rounded average accepted price was 99.323, corresponding to a yield of 4.284%.

The auction tail was 0.1bp.

Total bids reached £14.747 billion, resulting in a bid-to-cover ratio of 3.47. Competitive bids accounted for £3.613 billion of the allocation, while £637.5 million was allotted to non-competitive bids.

Bids accepted at the lowest accepted price received 75% of the amount requested.

The DMO said an additional £1.063 billion of the gilt would be available for purchase to successful bidders at the non-competitive allotment price.