Bid to Cover Ratio Report

June 9, 2015 - This morning’s Wall Street Journal reported1 that “the head of the U.K.’s Debt Management Office raised the prospect that [government bond market] swings could one day cause investors to balk at buying its bonds at auction.” This is evidenced by the declining ratio of bids to debt for sale in the primary auction, which has decreased from an average of 1.9 over the last year to 1.19 in last week’s auction of 10-year gilts.

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