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0.50% Jan-29

GILT AUCTION PREVIEW
  • The DMO will come to the market this morning with GBP3.5bln of the short 7-year 0.50% Jan-29 gilt on offer.
  • This will be the seventh auction of the gilt since it was launched in September last year, with the last auction ten weeks ago.
  • In both nominal and cash terms this will be the largest auction to date, with the August auction having been for GBP2.75bln and all other auctions GBP2.50bln.
  • At previous auctions bid-to-covers have been respectable, ranging from 2.21-2.65x (with the August auction seeing the top of the range). Tails have generally been between 0.3-0.5bp, with the exception of the May auction which saw a wider tail of 1.2bp.
  • The main foreseeable risk to the auction today could be a potential announcement of the delay of the fiscal statement with The Times reporting overnight that PM Sunak will meet Chancellor Hunt today to discuss options over timing. A delay of a couple of days (to still be ahead of the BOE meeting) is said to be under consideration as well as a more substantive delay further into November to turn the event into a full Budget.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP875mln available to successful bidders through the PAOF.
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