Bank says new gilt buybacks to focus on shorter maturities
LONDON (Reuters) - The Bank of England said on Thursday that it was shortening the average maturity of gilts that it purchases as part of its extended quantitative easing purchases to avoid frictions in the gilt market. Bank said it would hold three weekly buybacks, one of 3-7 year gilts, one of 7-15 year gilts and one of gilts with a maturity of more than 15 years. Each reverse auction would initially have a volume of 1.5 billion pounds. Previously Bank had bought gilts in blocks of 3-10 years, 10-25 years and more than 25 years, with a volume of around 1.7 billion pounds each. ...
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