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0.125% Mar-51 index-linked gilt

GILT AUCTION PREVIEW
  • This morning, the DMO will look to sell GBP500mln nominal of the 30-year 0.125% Mar-51 index-linked gilt.
  • The auction comes at a time when breakevens are close to the highest levels they have been for the 30-year issue, at the time of writing around 363bp.
  • This is around 35bp higher than the lows seen around 3-months ago.
  • Real yields are actually around the same level they were at that point 3-months ago, but are over 30bp off their lows (which were seen just 7 weeks ago).
  • Linker auctions have continued to be well received in the UK, and today's auction will likely be watched even more closely given the current focus on inflation.
  • We still expect a decent auction today.
  • Through the end of 2021 there will be two more linker auctions (Aug-31 and Mar-39) and the launch of a 40+ year linker via syndication.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP125mln available through the PAOF.
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