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#1: 0.125% Jan-24

GILT AUCTION PREVIEW
  • Gilt issuance for the week will kick off this morning with GBP3.25bln of the 0.125% Jan-24 gilt on offer.
  • This will be the sixth auction of the gilt since its launch in October (and it is due to be sold again next month).
  • All auctions to date have been for GBP3.25bln and demand has stayed steady with bid-to-covers ranging from 2.28-2.56x (with the last auction in January seeing the highest bid-to-cover to date).
  • Tails have also been consistent with all auctions seeing a 0.2bp tail (except December which saw a 0.3bp tail).
  • We would expect the auction to be in line with those seen to date, although we note that this will be the first auction of the gilt since it has become ineligible for purchases under the APF scheme (since its residual maturity has fallen below 3-years).
  • Timing: Results will be available shortly after the auction closes at 10:00GMT with a further GBP812.5mln available to successful bidders via the PAOF.
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