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0.375% Oct-26

GILT AUCTION PREVIEW
  • The DMO will come to the market this morning for the first auction of the new fiscal year with the 5-year 0.375% Oct-26 gilt on offer for GBP3.25bln.
  • This is the only scheduled auction of the 5-year gilt in the new fiscal quarter.
  • At present, we are unsure if it will be the last auction of the gilt or if there is enough appetite from investors for a new 5-year gilt to be launched later this year (given the lower issuance requirements of only 2-3 short auctions per quarter and the high number of gilts in the short bucket available for the DMO to reopen).
  • The last auction of the 0.375% Oct-26 gilt was held on 11 January and saw GBP3.0bln sold with a bid-to-cover of 2.37x and tail of 0.3bp.
  • Today's GBP3.25bln auction size is larger than any other 5-year auction since August 2020.
  • We also note that tails have become somewhat less predictable in gilt auctions recently. Indeed, the last short-dated gilt auction of the 3-year 0.25% Jan-25 saw a tail of 2.5bp on 2 March.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP812.5mln available to successful bidders through the PAOF.
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