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0.25% Jan-25

GILT AUCTION PREVIEW
  • The DMO will come to the market this morning to look to sell GBP3.0bln of the 3-year 0.25% Jan-25 gilt.
  • This will be the sixth auction of the gilt and a slightly smaller auction than the GBP3.25bln seen in March but in line with the prior two auction sizes.
  • Bid-to-covers have ranged from 1.91x (at the last auction) to 2.81x (in September).
  • The March auction also saw a very wide tail of 2.5bp (prior to that tails had been in the 0.1-0.8bp range).
  • We would expect a much tighter tail than at the previous auction, probably within the more "normal" range.
  • At the time of writing, prevailing yields were around 100bp higher than the 0.952% seen at the March auction with rate expectations having been re-priced on a global basis, pulling up yields.
  • The DMO will look to reopen the 0.25% Jan-25 gilt via auction again on 21 July and 6 September.
  • Timing: The results will be available shortly after the auction closes at 10:00BST with a further GBP750mln available to successful bidders through the PAOF.
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