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0.125% Aug-31 linker

GILT AUCTION PREVIEW
  • This morning, the DMO will return to the market to sell GBP900mln nominal of the 0.125% Aug-31 index-linked gilt.
  • This linker is being built up as the 10-year benchmark and was launched in January for GBP1.0bln before being reopened on 11 March for GBP800mln nominal.
  • Both auctions saw strong demand with bid-to-covers of 3.05x and 3.54x respectively.
  • We expect another very strong auction this week, particularly given the concerns of some market participants surrounding increasing inflation expectations.
  • The 0.125% Aug-31 linker is due to be reopened again on 9 June.
  • Timing: Results will be available shortly after the auction closes at 10:00BST.
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