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#1: 0.125% Jan-26

GILT AUCTION PREVIEW
  • Issuance for the week will kick off this morning with GBP3.00bln of the 0.125% Jan-26 gilt on offer.
  • We think there is a good chance that this gilt is auctioned once more in January before the launch of a new 5-year gilt (with a maturity of possibly October 2026).
  • This week's auction will bring the total amount outstanding of the 0.125% Jan-26 gilt to over GBP30bln.
  • Excluding the launch auction, all of the other seven auctions of the 0.125% Jan-26 gilt to date have seen GBP7.2-7.8bln bid. With the last four auctions having been for GBP3.00bln, this has led to bid-to-covers of 2.4-2.6x. Tails have ranged from 0.1-0.3bp.
  • We would expect this week's auction to see similar results.
  • RESULTS: Results will be available shortly after the auction closes at 10:00GMT with an additional GBP750mln available to successful bidders via the PAOF.
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