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#1: 0.125% Jan-23 gilt

GILT AUCTION PREVIEW
  • Issuance will kick off for the week today with GBP3.25bln of the 0.125% Jan-23 gilt on offer.
  • This is the smallest auction of the gilt since its launch in April and matches the size of the launch. Of the five auctions since launch four were for GBP3.75bln with the last auction on 30 July for GBP3.50bln.
  • Demand for the gilt in auctions has been gradually falling since launch with GBP9.9bln of bids for the launch but GBP7.6bln of bids at the last auction. Even so, bid-to-cover ratios remain comfortably above 2x. Tails have been fairly volatile, in a 0.3-0.7bp range, with the widest tail seen at the last auction.
  • The 0.125% Jan-23 gilt continues to trade at a discount to its peers with yields on the 0.125% Jan-23 gilt 3.2bp higher than the 1.75% Sep-22 gilt and 5.7bp higher than the 0.75% Jul-23 gilt.
  • The 0.125% Jan-23 gilt is scheduled to be auctioned again on 10 September and 1 October before the new Jan-24 gilt is launched on 6 October.
  • 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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