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0.125% Mar-51 index-linked gilt

GILT AUCTION PREVIEW
  • The DMO will return to the market this morning looking to sell GBP650mln nominal of the 30-year 0.125% Mar-51 index-linked gilt.
  • This will only be the second linker auction of 2023, and is the first reopening of the 0.125% Mar-51 linker since October.
  • That transaction saw GBP900mln nominal sold but occurred on the day the Bank of England announced it would expand its temporary purchases operations to include linkers. There was a bid-to-cover of 2.75x seen at the operation but a real yield of 1.551% marked the highest seen at any linker auction in recent years.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT with a further GBP162.5mln nominal available to successful bidders through the PAOF.

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