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0.50% Jan-29

GILT AUCTION PREVIEW
  • The DMO will return to the market this morning to sell GBP2.5bln of the 7-year 0.50% Jan-29 gilt.
  • This will be the fifth auction of the gilt, and the first since it transitioned into the short bucket.
  • The auction size of GBP2.5bln has been consistent across all auctions with the bid-to-cover ranging from 2.21-2.40x and tails ranging from 0.3-0.5bp.
  • We would expect to see a similar result today, albeit with a potentially wider tail. However, we would still expect the tail to be narrower than the 1.6bp seen on yesterday's 0.875% Jul-33 green gilt auction.
  • 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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