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0.125% Jan-28

GILT AUCTION PREVIEW
  • Issuance for the week will kick off this morning with the 0.125% Jan-28 gilt on offer for GBP2.75bln.
  • This will be the last auction of the month of September and the last auction of the first half of fiscal 2020/21 – a fiscal half year that is set to see GBP324-325bln raised depending on the PAOF take-up at today's auction.
  • This will be the sixth auction of the 0.125% Jan-28 gilt since its launch in June and the first, fourth and fifth auctions have seen almost the whole PAOF allocation taken up.
  • All auctions have seen bid-to-covers in the 1.8-2.9x region with tails ranging from 0.2bp to 0.7bp.
  • The gilt is due to be sold again on 3 November.
  • RESULTS: Results will be available shortly after the auction closes at 10:00BST with a further GBP687.5mln available to successful bidders through the PAOF.

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