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#1: 0.125% Jan-23

GILT AUCTION PREVIEW

The DMO will issue GBP3.50bln of the 0.125% Jan-23 gilt this morning.

  • This will be a slightly smaller auction size than the GBP3.75bln seen in each
    of the first four auctions of the gilt. Yields are likely to be negative once
    again, despite the gilt trading at a discount to its peers.
  • Bid-to-covers have gradually fallen since launch from 2.59x to 2.16x at the
    last auction while tails have remained in a 0.3-0.5bp range.
  • The gilt is due to be sold again on 18 August and the DMO has said it will
    continue to build the gilt up in the Sep-Nov period (as well as likely
    launch a new 3-year).
RESULTS: Results will be announced shortly after the auction closes at
10:00BST with a further GBP875mln available to successful bidders via the
PAOF.
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