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0.125% Mar-39 linker

GILT AUCTION PREVIEW
  • The DMO will come to the market this morning to sell GBP900mln nominal of the 0.125% Mar-39 linker.
  • This will be the fifth auction of the linker in addition to the launch syndication that was held in May 2021. Bid-to-covers have always exceeded 2x.
  • The last auction was held in April (the only auction of the year) for GBP900mln nominal. The bid-to-cover on this auction was 2.65x - the highest at any 0.125% Mar-39 linker.
  • Demand for linkers has remained strong with the last auction with a bid-to-cover below 2.3x in August last year with the two syndications for the 2045 linker (in April and July) in particular seeing very strong demand.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP225mln available to successful bidders through the PAOF.
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