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0.125% Mar-51 linker

GILT AUCTION PREVIEW
  • The DMO will come to the market this morning to offer GBP600mln nominal of the 30-year 0.125% Mar-51 index-linked gilt.
  • This will be the penultimate linker auction of the 2021/22 fiscal year with linker issuance due to be completed on 15 March with the 10-year 0.125% Aug-31 linker on offer.
  • The 0.125% Mar-51 linker was launched via syndication on 10 February 2021 for GBP2.25bln nominal and has since been reopened three times via auction in the 2021/22 fiscal year: two auctions of GBP600mln and one of GBP500mln nominal. Bid-to-covers have been stable – ranging from 2.31x to 2.41x.
  • There has been a large move in real yields: in the 7 weeks since early December, the yield on the 0.125% Mar-51 linker has risen 41bp at the time of writing to -2.21% (although real yields are over 10bp off the highs of last week).
  • Through that same time period, breakevens have traded in a range roughly 30bp wide, from 324bp to 355bp and are now close to the top of the range at 353bp.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT with a further GBP150mln nominal available to successful bidders through the PAOF.
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