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U.K. 10-Year Gilts Extend Decline After ECB Allots 3-Year Loans

Feb. 29 (Bloomberg) -- U.K. 10-year government bonds extended a decline and the pound rose against the euro and dollar after the European Central Bank allotted 529.5 billion euros ($712.2 billion) of three-year loans to banks, exceeding analyst estimates.

The 10-year gilt yield rose three basis points to 2.13 percent at 10:44 a.m. London time.

The pound strengthened 0.4 percent to 84.27 pence per euro. It appreciated 0.2 percent to $1.5939.

European banks were forecast to tap the ECB for 470 billion euros in the longer-term refinancing operation, according to the median estimate in a Bloomberg News survey of 28 economists. The amount compares with 489 billion euros taken at the first offering of such loans in December.

To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net

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