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#1: 0.125% Jan-24

GILT AUCTION PREVIEW
  • Issuance for the week will kick off tomorrow with GBP3.25bln of the 0.125% Jan-24 gilt on offer.
  • This is the second auction of the gilt after its launch three weeks ago. The first auction saw a tail of 0.2bp and a bid-to-cover of 2.44x – similar to results seen on the 0.125% Jan-23 gilt over the past three months.
  • We expect another successful auction tomorrow.
  • The 0.125% Jan-24 gilt is currently unavailable for purchase through the BoE's APF scheme as there is less than the minimum GBP4.0bln outstanding, but the gilt will be eligible to be included following this week's auction (although only until the end of January as the APF only purchases gilts with a minimum term of three years).
  • The 0.125% Jan-24 gilt is due to be sold again via auction on 17 November
  • RESULTS: Results will be available shortly after the auction closes at 10:00GMT with an additional GBP812.5mln available to successful bidders through the PAOF until 13:00GMT.
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