By Laura Contemori – ROME (Econostream) – The UK Debt Management Office (DMO) allotted £4 billion of 4⅞% Treasury Gilt 2036 at an auction on Thursday.

The auction attracted total bids of £13.784 billion, resulting in a bid-to-cover ratio of 3.45.

The gilt was allotted at an average accepted price of £98.812, equivalent to an average yield of 5.026%. The lowest accepted price was £98.789, corresponding to a yield of 5.029%, with a tail of 0.3bp.

The DMO allotted £3.4 billion to competitive bids and £600 million to non-competitive bids from Gilt-edged Market Makers (GMMs).

An additional amount of up to £1 billion will be available to successful bidders for purchase at the non-competitive allotment price.