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0.125% Nov-65 linker

GILT AUCTION PREVIEW
  • This morning will see GBP300mln nominal of the 0.125% Nov-65 index-linked gilt on offer.
  • This will be the first time the gilt has been issued via auction, with its three previous offerings all syndications.
  • It has also been some time since the last syndicated issue which was almost four years ago in February 2017.
  • This is the second longest maturity linker outstanding and will be only the third time since the beginning of the 2018/19 fiscal year that a linker exceeding 30 years to maturity has been on offer.
  • The last offering was in September 2020 with GBP400mln nominal of the 0.125% Nov-56 linker sold via auction (with a further GBP59.1mln taken up via the PAOF). This auction saw decent demand with a bid-to-cover of 2.26x.
  • The 0.125% Nov-56 linker will be on offer on 24 March.
  • Results: Results will be available shortly after the auction closes at 10:00GMT with a further GBP75mln nominal available to successful bidders through the PAOF.
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