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%.
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