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0.125% Mar-39 linker

GILT AUCTION PREVIEW
  • The DMO will kick off issuance for the week this morning with GBP1.0bln nominal of the 15-year 0.125% Mar-39 linker on offer.
  • This will be the second auction of this linker so far this fiscal year with the previous auctions also being for GBP1.0bln (but auctions in prior years have been for smaller amounts).
  • The past three auctions have all seen bid-to-covers in excess of 3x and we would expect another strong linker auction this week.
  • Indeed, since October 2023 with the exception of the 0.75% Nov-33 linker (with its larger auction size), every linker auction has seen a bid-to-cover in excess of 3x.
  • Results: Results will be available shortly after the bidding window closes at 10:00BST with a further GBP250mln available to sucessful bidders through the PAOF.

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