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0.625% Jul-35 gilt

GILT AUCTION PREVIEW
  • The DMO will return to the market this morning to sell GBP2.50bln of the 0.625% Jul-35 gilt.
  • Demand for the 15-year benchmark has been strong with no auction seeing a bid-to-cover of below 2.4x to date.
  • We note that there has also been significant issuance at the 15-year point of the curve across the Eurozone recently as many debt management offices see it as the sweet spot for issuance at present.
  • Tails for the 0.625% Jul-35 gilt have generally been very tight, ranging from 0.0-0.2bp for five of the auctions. The only outlier saw a 0.5bp tail in February in the midst of the global fixed income sell-off.
  • We expect strong demand this morning.
  • The DMO will continue to build-up the 0.625% Jul-35 gilt with monthly auctions continuing with the next scheduled for 19 May and 16 June.
  • 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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