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0.875% Jan-46

GILT AUCTION PREVIEW
  • The DMO will come to the market to hold its second long-dated auction of August with GBP2.0bln of the 25-year 0.875% Jan-46 gilt on offer on Tuesday.
  • This will be the fourth auction of the gilt which was first launched via syndication in January for GBP6.5bln.
  • The three auctions since then have all been for GBP2.0bln, with the full PAOF amount taken up in the last auction.
  • Performance at auction has varied a little, with bid-to-covers all coming in a respectable range of 2.17-2.54x but tails have varied from 0.2-0.9bp.
  • We note that the tail for the 1.25% Jul-51 gilt (the other long-dated gilt sold in August) was 0.5bp, in the middle of the range for the 0.875% Jan-46 gilt.
  • We would not be surprised to see another tail in this region, or even up to 1.0bp, given the lower liquidity through August.
  • The 0.875% Jan-46 gilt is not scheduled to be reopened in September, but we would expect 1-2 reopenings in the October-December quarter.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP500mln available to successful bidders through the PAOF.
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