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0.625% Jul-35

  • Tomorrow will see GBP2.5bln of the benchmark 15-year gilt on offer.
  • Since its syndicated launch in September, the 0.625% Jul-35 gilt has been reopened monthly via auction and over GBP30bln of the gilt has now been issued.
  • Demand has remained consistent with the last three auctions seeing bid-to-covers ranging from 2.46-2.53x and tails of 0.1-0.2bp.
  • However, with no further auctions of the 15-year benchmark scheduled, we would expect to see another strong auction tomorrow.
  • We note that in the absence of a tender announcement, Wednesday's auction will be the last conventional gilt auction of the month.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP625mln available to successful bidders via the PAOF.

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