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0.125% Mar-39 linker

GILT AUCTION PREVIEW
  • The DMO will come to the market this morning to sell GBP750mln nominal of the 0.125% Mar-39 linker.
  • This is the first linker auction of the fiscal year (only the third since November) and will follow ten weeks after the last linker auction which saw GBP1.2bln nominal of the 0.125% Aug-31 linker sold.
  • The auction of the 0.125% Mar-39 linker follows around a year since its syndicated launch where GBP4.0bln nominal was sold (GBP6.1bln cash) with books of GBP28.75bln.
  • There has only been one auction of the 0.125% Mar-39 in August where GBP700mln nominal was sold with a bid-to-cover of 2.27x.
  • Given the lack of recent similar-maturity linker auctions we expect continued strong demand at today's auction.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP187.5mln available to successful bidders through the PAOF.
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