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0.25% Jul-31

GILT AUCTION PREVIEW
  • Gilt issuance for the week will conclude this morning with GBP2.75bln of the 10-year 0.25% Jul-31 gilt on offer.
  • This will be the sixth auction of the gilt after it was launched in November.
  • Demand has remained strong, with the lowest bid-to-cover seen in the launch auction at 2.51x (which was a slightly larger GBP3bln auction).
  • Since then bid-to-covers have ranged from 2.72x-2.95x and tails have ranged from 0.1-0.2bp.
  • Based on prevailing yields, there is a good chance that today's auction exceeds the 0.868% seen in the 5 March auction to see the highest yield at a 10-year auction since mid-2019.
  • The 0.25% Jul-31 gilt is due to be reopened monthly on 5 May and 2 June (the same date as the 25-year 0.875% Jan-46 gilt which was auctioned yesterday).
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP687.5mln available to successful bidders through the PAOF.
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