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0.50% Jan-29

GILT AUCTION PREVIEW
  • The DMO will come to the market this morning with GBP2.5bln of the 7-year 0.50% Jan-29 gilt on offer.
  • This will be the last auction of the gilt in the “medium” bucket, as it will transition to the short-dated bucket in two weeks.
  • The gilt was launched via auction in September and has since been reopened in both October and November.
  • All auction sizes have been GBP2.5bln (with varying degrees of PAOF takeup). Bid-to-covers have ranged from 2.21x-2.40x, with the latter occurring at the November auction. Tails have also been decent, ranging from 0.3-0.5bp (albeit with the wider tail achieved at the November auction).
  • Last week’s 5-year auction saw a 0.3bp tail, the tightest tail achieved at a gilt auction since the remit revision alongside the Budget on 27 October. It will be interesting if we see another similarly tight tail today.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT with a further GBP625mln available to successful bidders through the PAOF.
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