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0.125% Jan-28

  • Issuance for the week will kick off tomorrow with GBP2.75bln of the 0.125% Jan-28 gilt on offer.
  • This will be the seventh auction of the gilt since its launch on 12 June. Ahead of the auction there was GBP20.3bln nominal of the gilt outstanding of which GBP4.3bln is held by the BoE, purchased as part of the APF.
  • The last auction of the 0.125% Jan-28 gilt on 29 September was the strongest to date with a bid-to-cover ratio of 3.22x (the fourth highest of any conventional gilt auction this fiscal year) and a tail of 0.1bp.
  • We expect another strong auction this week, albeit likely not quite as strong as the last auction.
  • RESULTS: Results will be available shortly after the auction closes at 10:00GMT with a further GBP687.5mln available to successful bidders through the PAOF.

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