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0.125% Nov-56 linker

GILT AUCTION PREVIEW
  • The 0.125% Nov-56 index-linked gilt will be available this morning with GBP350mln nominal on offer (a smaller auction than the GBP400mln nominal sold in September).
  • That auction saw a bid-to-cover of 2.26x and a real yield of -2.012%.
  • Real yields for the 0.125% Nov-56 linker are around 20bp lower than they were at their peak in late February and have been trading in a -1.88% to -2.02% range (14bp range) since 5 March.
  • This is a much narrower range than seen for the 1.75% Jul-57 conventional gilt which has traded in a 1.15% to 1.39% range (24bp range) in the same period.
  • With strong demand from pension funds for long-dated linkers, we expect to see a strong auction this week.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT.
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