Free Trial

#1: 0.125% Jan-24 auction

GILT AUCTION PREVIEW
  • Gilt issuance for the week will kick off this morning with GBP3.25bln of the 3-year 0.125% Jan-24 gilt on offer.
  • This will be the ninth auction of the gilt which was launched in October.
  • Demand has been strong, particularly at the 2021 auctions which have seen the bid-to-cover only dip below 2.5x in March with a larger auction size of GBP3.5bln.
  • The last auction in April saw a bid-to-cover of 2.70x, the highest bid-to-cover of any three year gilt since the launch of the 0.125% Jan-23 gilt in April 2020.
  • 6/8 of the 0.125% Jan-24 auctions have seen a tail of 0.2bp, with the other two auctions seeing a 0.3bp tail.
  • We expect another strong auction today.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP812.5mln available to successful bidders through the PAOF.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.