Bank Of England's Offer To Buy Bonds Wednesday Met With Strong Demand

The Bank of England said Wednesday its offer to purchase U.K. government debt was met with strong demand, and that it reached its target of purchasing �1.17 billion ($1.53 billion) in bonds. The central bank purchased bonds with maturities of seven years to 15 years on Wednesday. The bank on Tuesday was only able to buy �1.12 billion in longer-dated bonds, or gilts, with analysts saying institutions such as pension funds and insurers were reluctant to sell such bonds because they need income to fulfill long-term liabilities. The yield on the 10-year gilt pared an earlier decline, and was down 1 basis point at 0.55%.