BoE gets 4.47 cover ratio in gilt buy-back

LONDON: The Bank of England said it received offers totalling 4.47 times the 1.7 billion pounds' worth of the gilts with a maturity between three and 10 years it offered to buy on Monday in a reverse auction.

The BoE said earlier this month that it would buy 75 billion pounds of assets with newly created money over the following four months in reponse to a darkened economic outlook. It bought 200 billion pounds of assets, mostly gilts, in a first round of quantitative easing between March 2009 and February 2010.

The BoE said investors offered it some 7.59 billion pounds worth of gilts.