"It's a step in the right direction, but the bigger test will be the longer-dated auctions further down the road, " said Nick Stamenkovic, bond strategist at RIA Capital Markets in Edinburgh.

BBC: Spain and Italy's borrowing costs fall

However, he was quick to end speculation that he is looking to quit Tests to concentrate on limited-overs cricket after quotes attributed to him before the Test series suggested he was ready to step down.

BBC: Gayle targeting Windies fightback

By mid-summer he had taken on the Test captaincy too, following Nasser Hussain's decision to step down, and after securing a 2-2 draw with the combative South Africans, led England to six successive series victories, culminating in the epic 2005 Ashes triumph.

BBC: Ashes hero Vaughan calls it quits