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#1: 0.125% Jan-23

GILT AUCTION PREVIEW
  • Today will see GBP3.25bln of the 0.125% Jan-23 gilt on offer.
  • This will be the eight auction of the gilt that was launched in April. Bid amounts had been steadily falling until the last auction which saw an improvement in the bid-to-cover from 2.18x to 2.59x. The previous auction also saw the tightest tail to date of 0.2bp (other auctions have been in the 0.3-0.7bp range).
  • After this week's auction the gilt is due to be on offer once more on 1 October with the new Jan-24 gilt due to launch on 6 October before being re-opened twice before the end of November.
  • RESULTS: Results will be announced shortly after the auction closes at 10:00BST with a further GBP812.5mln available to successful bidders via the PAOF.

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