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0.125% Jan-24

GILT AUCTION PREVIEW
  • This morning the DMO will return to the market with GBP3.25bln of the 0.125% Jan-24 gilt on offer.
  • Demand for the gilt has stayed fairly consistent with all auctions the same GBP3.25bln size with bid-to-covers ranging from 2.28-2.44x and tails ranging from 0.2-0.3bp.
  • We expect similar demand today.
  • The 0.125% Jan-24 gilt will be on offer again on 16 February and 16 March.
  • The 0.125% Jan-24 gilt continues to trade at a 5-6bp premium to its neighbouring 2.25% Sep-23 and 1.00% Apr-24 gilts.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT with a further GBP812.5mln available to successful bidders via the PAOF.

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