U.K. Yields Climb From Record as BOE Bombarded With Sales Offers
- BOE received offers for 4.71 times amount it planned to buy
- Gilt yields are likely to stay low: Old Mutual’s Nash
BOE's Plan: Keep Calm and Keepy Buying Bonds
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U.K. government bonds yields climbed from record lows as the Bank of England’s expanded quantitative-easing plan got back on track.
The BOE said it received sales offers for 4.71 times the debt it planned to buy at an operation Wednesday, in contrast to the previous day, when it failed to find enough sellers of longer-dated gilts. The central bank said Wednesday that the bonds it couldn’t buy at that operation would be acquired sometime during the second half of the six-month QE program.