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0.125% Jan-24 launch

GILT AUCTION PREVIEW
  • Issuance for the week will kick off tomorrow with the launch of the new 0.125% Jan-24 gilt which will be on offer for GBP3.25bln.
  • This follows what is expected to be the last auction of the 0.125% Jan-23 gilt last week – a gilt which was only launched in April but has grown to be the gilt with the largest holdings in private hands (GBP33.8bln).
  • We note that the 0.125% Jan-23 gilt was never eligible for purchases through the BOE's APF programme due to its maturity of under three years. This will not be the case for the new 0.125% Jan-24 gilt for the next few months, although the gilt will only become eligible for BOE purchases when over GBP4bln has been issued. For the gilt to be eligible following tomorrow's auction, almost the entire PAOF amount would need to be taken up.
  • Demand for the 0.125% Jan-23 gilt has been strong with the last three auctions seeing bid-to-cover ratios in excess of 2.5x and tails of 0.2-0.4bp.
  • We expect very strong demand for the new 0.125% Jan-24 gilt too with perhaps a bid-to-cover ratio around 3x but there could potentially be a slightly wider tail than recent 0.125% Jan-23 auctions given that this is the launch.
  • The 0.125% Jan-24 gilt is due to be sold again in three weeks on 27 October and then another three weeks later on 17 November.
  • RESULTS: Results will be available shortly after the auction closes at 10:00BST with a further GBP812.5mln available to successful bidders through the PAOF.
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