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0.125% Jan-26

  • Issuance for the week will kick off tomorrow with GBP3.00bln of the 0.125% Jan-26 gilt on offer.
  • This will be the tenth auction of the gilt and the last auction before the new five-year gilt maturing Oct-26 launches on 2 March.
  • The last auction of the gilt in December saw the smallest bid-to-cover to date of 2.06x (although almost 90% of the PAOF proceeds were subsequently taken up). Previous auctions have seen bid-to-covers range from 2.24-2.60x (excluding the launch auction which saw a bid-to-cover of 2.72x).
  • The last two auctions have seen tails of 0.3bp, consistent with the 0.1-0.4bp range of seen in auctions of the gilt to date. We expect decent demand at this week's auction.
  • Timing: 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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