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0.375% Oct-26

GILT AUCTION PREVIEW
  • The DMO will come to the market this morning for the first gilt auction of 2022 with GBP3.0bln of the 5-year 0.375% Oct-26 gilt on offer.
  • This will be the ninth auction of the gilt with no more 5-year issuance scheduled for the 2021/22 fiscal year.
  • We are unsure whether this gilt will be reopened in April or if a new 5-year benchmark would be launched at that point. Even with a full PAOF takeup this week, the 0.375% Oct-26 gilt will be short of other recent 5-year benchmarks by GBP3bln or so – but this week’s auction will increase the free float of the gilt to the highest in the 3-7 year bucket (i.e. market holdings excluding BOE holdings).
  • We will watch the auction with interest after the three previous gilt auctions saw tails of at least 1.0bp (in line with the previous 0.375% Oct-26 auction on 26 October).
  • The bid-to-cover of 2.16x at the 26 October auction was also the second lowest since the launch of the gilt.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT with a further GBP750mln available to successful bidders via the PAOF.
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