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0.50% Jan-29

  • This morning, the DMO will return to the market for the third time this week with GBP2.5bln of the 0.50% Jan-29 gilt on offer.
  • This will be the first time since mid-June that the DMO has held three nominal gilt auctions in a week.
  • Today's auction will be the second auction of the 0.50% Jan-29 gilt following its launch on 1 September with the same size of GBP2.5bln.
  • That auction saw a yield of 0.575%, bid-to-cover of 2.30x and tail of 0.3bp while a further GBP359mln was taken up at the PAOF.
  • Yields have risen almost 25bp since the launch of the gilt.
  • Nevertheless, we look for a successful auction this week.
  • The 0.50% Jan-29 gilt is due to be on offer again on 3 November but there is no auction scheduled for December.
  • 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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