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0.875% Oct-29 gilt

GILT AUCTION PREVIEW
  • GBP2.75bln of the 0.875% Oct-29 gilt will be on offer this morning.
  • This will be the first auction of the gilt since the 28 April, and marks the first time the gilt is being auctioned since the 0.375% Oct-30 gilt launched via syndication on 12 May.
  • The 0.875% Oct-29 gilt trades at a 9.3bp premium to the 0.375% Oct-30 gilt.
  • Demand for the 0.375% Oct-30 gilt has been very high since its launch and we see no reason not to expect a successful auction for the 0.875% Oct-29 gilt today with bid-to-cover comfortably in excess of 2x and a tail of 0.4bp or less.
  • The gilt will be on offer again on 14 October.
  • RESULTS: Results will be announced shortly after the auction closes at 10:00BST with a further GBP687.5mln available to successful bidders via the PAOF.
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