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0.875% Jan-46 gilt

GILT AUCTION PREVIEW
  • This morning, the DMO will come to the market to sell GBP1.75bln nominal of the 25-year 0.875% Jan-46 gilt.
  • This will be a smaller size auction than previously (with all other auctions of the gilt having been for GBP2.0bln).
  • The previous two auctions in June and August saw bid-to-covers both around the 2.4x mark and tails of 0.2bp.
  • We would expect the tail to be a bit wider than this; despite bid-to-covers holding up well, tails over the past 3 weeks or so have been a bit wider (coinciding with the post-Budget drop in supply and volatility around the MPC meeting).
  • We also note that the auction of the 30-year 1.25% Jul-51 gilt at the end of September saw a tail of 1.1bp.
  • This will be the penultimate long-dated auction of 2021, with the 1.25% Jul-51 gilt on offer on 7 December.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT.
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