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- The DMO comes to market on Wednesday to hold two auctions. The first will be for the 0.25% Jul-31 gilt with GBP2.75bn on offer.
- This issue was last tapped on April 8 with GBP2.75bn sold at an average yield of 0.892%, bid-to-cover of 2.97x and a tail of 0.1bp.
- The market has shown little sign of losing appetite for gilt supply with recent auctions seeing strong demand and bid-to-cover ratios in the 2-3x range.
- We expect this week's auctions to be similarly well received.
- Even though there is some speculation about a potential taper in the pace of BoE asset purchases following this week's MPC meeting, opinion on timing is mixed and there will not be any new signals ahead of the Thursday meeting that could otherwise rock gilts.
- TIMING: Results are due shortly after the auction closes at 1000BST.