The UK just offloaded £750M worth of 2032 bonds carrying a 4.25% coupon. Demand? Pretty solid—bid-to-cover ratio hit 4.35x, a noticeable jump from the prior 3.72x. Average yield settled at 4.109%, down from 4.206% last time.

What's this telling us? Appetite for sovereign debt is improving, even as yields compress. That bid-cover uptick suggests investors are hunting for safer harbors—or betting yields have peaked. Either way, risk-off sentiment might be creeping back into traditional markets. Worth watching how this plays into broader liquidity flows.