By Laura Contemori – ROME (Econostream) – The UK Debt Management Office (DMO) on Tuesday raised £4.25 billion through an auction of the 4⅞% Treasury Gilt 2036.

Total bids amounted to £14.70 billion, resulting in a bid-to-cover ratio of 3.46.

The gilt was allotted at an average accepted price of £100.132, equivalent to a yield of 4.858%. The lowest accepted price was £100.124, corresponding to a yield of 4.859%, producing a tail of 0.1bp.

Bids submitted at the lowest accepted price were allotted 95.2166% of the amount requested, while bids above that level were filled in full. Bids below the lowest accepted price were rejected.

The DMO said that up to an additional £1.0625 billion of the gilt will be available to successful bidders at the non-competitive allotment price.