By Laura Contemori – ROME (Econostream) – The UK Debt Management Office (DMO) on Thursday sold £5 billion of the 4% Treasury Gilt 2029 via auction.

Total bids reached £17.995 billion, giving a cover ratio of 3.60x.

The amount allotted to competitive bids was £4.250 billion, while £750 million was taken up by gilt-edged market makers through non-competitive bids.

The non-competitive allotment price was £98.852, with the lowest accepted price at £98.846. Accepted yields ranged from 4.417% to 4.422%, with a tail of 0.2bp.

The DMO also said that up to £1.25 billion of additional stock may be made available to successful bidders at the non-competitive allotment price.