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0.125% Jan-26

  • Issuance will conclude for the week this morning with GBP3.0bln of the 0.125% Jan-26 gilt on offer.
  • This will be the eight auction of the gilt. All auctions to date have seen strong demand with bid-to-covers ranging from 2.24-2.72x while the tails of the previous two auctions have been 0.1bp and 0.2bp respectively. No tail for the 0.125% Jan-26 gilt has exceeded 0.4bp since its launch.
  • We expect another strong auction today.
  • We expect the 0.125% Jan-26 gilt to be auctioned at least twice more after this morning's auction before a new five-year gilt is launched, probably in February 2021.
  • RESULTS: Results will be available shortly after the auction closes at 10:00GMT with a further GBP750mln available to successful bidders through the PAOF.

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