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0.25% Jul-31

GILT AUCTION PREVIEW
  • GBP2.75bln of the 0.25% Jul-31 gilt will be on offer this morning in an auction that was moved back a day to accommodate the Budget.
  • Demand for 10-year gilts at auction has remained very strong. All auctions this fiscal year have seen a bid-to-cover of at least 2.3x and a tail of 0.1-0.3bp.
  • Indeed, we have not seen a bid-to-cover below 2.5x and tail above 0.2bp since August.
  • With the relatively tight tail at the 0.50% Oct-61 auction on Tuesday, we would expect another relatively successful auction today, albeit perhaps not as strong as some of the 10-year auctions recently.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT with a further GBP687.5mln available to successful bidders via the PAOF.
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