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0.125% Jan-24

GILT AUCTION PREVIEW
  • Tomorrow will see the three-year 0.125% Jan-24 gilt on offer for GBP3.25bln.
  • This will be the eighth auction of the gilt in seven months since its launch.
  • With the exception of the March auction which was for a slightly larger GBP3.50bln, all auctions of the gilt have been for GBP3.25bln.
  • Tails have all been in the 0.2-0.3bp range with bid-to-covers ranging from 2.28x-2.58.
  • This underlines the strong demand for the 3-year area of the curve.
  • We would expect a similarly successful auction this week.
  • We note that the 0.125% Jan-24 gilt is due to be reopened on 18 May but has no scheduled reopening in June.
  • After the two scheduled auctions, the 0.125% Jan-24 gilt will be around the size of the 0.125% Jan-23 gilt before the current 3-year gilt was launched. A new 3-year gilt could therefore be launched potentially as soon as July, although the DMO may prefer to wait until September or October with additional reopenings of the 0.125% Jan-24 gilt.
  • Timing: Results will be available shortly after the auction closes at 10:00BST.
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