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0.50% Jan-29 gilt

GILT AUCTION PREVIEW
  • The DMO will return to the market this morning with GBP3.5bln of the 0.50% Jan-29 gilt on offer.
  • This will be the ninth auction of the gilt which was launched in September 2021 and has been on offer quarterly since the beginning of 2022.
  • The last couple of auctions of this gilt have been a little on the soft side with the auction on 21 February seeing GBP3.5bln sold with a bid-to-cover of 2.20x but a wide tail of 2.2bp. On 26 October GBP3.5bln was also sold with a bid-to-cover of 1.96x and tail of 0.8bp. The bid-to-cover of 1.96x seen at this auction was one of only 3 auctions in the 2022/23 fiscal year that saw the bid-to-cover below 2x.
  • We also note, however, that yesterday's gilt auction was strong, albeit that was for a much longer duration gilt and short-dated gilt auctions have in general been softer than long-dated recently.
  • 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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