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0.125% Nov-56 index-linked gilt

GILT AUCTION PREVIEW
  • This morning, the DMO will return to the market to sell GBP350mln nominal of the 35-year 0.125% Nov-56 index-linked gilt.
  • This will be the first auction of the linker in this fiscal year.
  • The last auction was on 24 March 2021 which saw a similar GBP350mln auction size, a bid-to-cover of 2.17x and a real yield of -1.972%.
  • Real yields are more than 30bp lower than this at the time of writing.
  • Linkers have seen strong demand so far through the FY21/22 with bid-to-covers at each auction exceeding that 2.17x level.
  • We would expect another strong auction today.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP87.5mln nominal available to successful bidders through the PAOF.
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