Thursday, March 26, 2009

UK bond sale fails

The sale of gilts, to cover government debt failed yesterday, in that the sale did not raise all of the money it was intended to raise.

To be fair, it was for a 40 year bond, and this sort of thing has happened before, so there is no intrinsic reason to panic.

However the next bind sale occurs during the G20 summit. If that fails, we have huge problems.

The BBC has this, the Daily Telegraph has this.

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