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0.875% Jan-46

GILT AUCTION PREVIEW
  • The DMO will return to the market for a second auction later today with GBP2.25bln of the 25-year 0.875% Jan-46 gilt on offer.
  • This will be the second auction of the gilt in 2022 with the last auction on 1 September seeing GBP2.0bln nominal sold (with a further GBP500mln at the PAOF).
  • That auction saw a bid-to-cover of 2.51x and a tail of 0.4bp (but was before the UK political disruption).
  • Other than last week’s 2038 syndication (which was well received) the last auction of a long-dated gilt was four weeks ago on 18 October with the 1.25% Jul-51 gilt on offer. That auction saw a bid-to-cover of 2.13x but a tail of 1.5bp.
  • Timing: Results will be available shortly after the auction closes at 11:30GMT with a further GBP562.5mln available to successful bidders via the PAOF.
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