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0.875% Jul-33 Green Gilt

GILT AUCTION PREVIEW
  • The DMO will return to the market this morning following yesterday's syndication with GBP2.75bln of the 0.875% Jul-33 Green Gilt on offer.
  • As this is a green gilt auction there will be no associated PAOF.
  • This will be the second auction of the long 10-year green gilt which was launched via syndication in September 2021 and was first reopened at auction in May with GBP2.25bln sold with a bid-to-cover of 2.37x but a wide tail of 1.6bp.
  • Demand for the 1.00% Jan-32 gilt (the closest comparative conventional gilt) has been strong recently – with two auctions held in October with bid-to-covers of 2.42x and 2.50x and tails of 0.3bp.
  • We would expect relatively strong demand at today’s auction, and are encouraged by the book size of yesterday's syndication in spite of the weak demand in the BOE's medium-dated active sales op on Monday.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT.
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