U.K. Sells 28-Day Bills at Negative Average Yield: Chart

Gilt yields may have surged in the secondary market in the past month, but borrowing costs in one part of the U.K. debt market are still setting records. The U.K. Treasury sold one-month bills at an average negative yield for the first time ever on Friday, with investors bidding for more than seven times the amount on offer, compared with about four times at the previous auction last week. Seasonality charts show that auction yields have demonstrated a tendency to decline going into the year-end.

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