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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 15-year 0.125% Mar-39 I/L gilt.
  • This will be the fourth time the linker has been reopened in this fiscal year with GBP900mln nominal on offer at both of the other auctions, seeing a 2.65x bid-to-cover in April, 2.62x in August and 3.17x in October.
  • Excluding the 10-year 0.75% Nov-33 linker, the other 3 linker auctions since October have all seen bid-to-covers between 3.10-3.18x.
  • We expect to see another strong auction today.
  • This will be the last linker auction of the fiscal year, but there is still the new 30-year Nov-54 linker to be launched via syndication (MNI pencils in Wed 13 March).
  • Timing: Results will be available shortly after the auction closes at 10:00GMT.
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