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0.25% Jul-31

  • This morning, the DMO will return to the market to sell GBP2.5bln of the 0.25% Jul-31 gilt.
  • This will be a smaller auction in nominal terms than recent auctions of the gilt, with the previous seven auctions having all been for GBP2.75bln.
  • This will be the eleventh auction of the 0.25% Jul-31 gilt, and the penultimate auction before the launch of the new Jan-32 gilt.
  • The final 0.25% Jul-31 gilt auction is scheduled for 20 October with the Jan-32 launch auction scheduled for 17 November.
  • The past five auctions of the 0.25% Jul-31 gilt have seen tails of 0.1bp while bid-to-covers have ranged from 2.67-2.97x (excluding the launch auction).
  • We would expect another strong auction today.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP625mln available to successful bidders through the PAOF.

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