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0.625% Jul-35

GILT AUCTION PREVIEW
  • The 0.625% Jul-35 gilt will be on offer for GBP2.5bln this morning.
  • Since its launch in September (via syndication for GBP8.0bln with books of GBP76bln) the benchmark 15-year gilt has been sold by auction four times with GBP19.1bln now outstanding of the issue.
  • Bid-to-covers have ranged from 2.41x-2.95x with tails ranging from 0.0-0.2bp.
  • We would expect another strong auction today.
  • We note that the 0.625% Jul-35 gilt is due to be sold again on 17 March.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT. A further GBP625mln will be available to successful bidders through the PAOF.

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