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0.375% Oct-30

GILT AUCTION PREVIEW
  • Issuance will conclude for the week today with GBP2.50bln of the 0.375% Oct-30 gilt on offer.
  • This will be the sixth auction of the gilt after its syndicated launch in May and there are two more scheduled auctions in October before the new Jul-31 gilt is due to be launched via auction in November.
  • Demand for the gilt has remained high with all five auctions so far seeing bid-to-cover ratios of 2.32-2.75x and tails of 0.1-0.3bp.
  • This is also a slightly smaller auction than we have seen previously, with prior auctions GBP2.75-3.00bln in size compared to the GBP2.50bln auction today.
  • RESULTS: Results will be announced shortly after the auction closes at 10:00BST with a further GBP625mln available to successful bidders via the PAOF.
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