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#1: 0.125% Jan-28

  • Gilt issuance will kick off this morning with GBP2.75bln of the 7-year 0.125% Jan-28 gilt on offer.
  • This will be the first auction of the gilt since January and is the last auction of the gilt as the 7-year benchmark before the new Jan-29 gilt launches on 1 September.
  • For just over three months, the 0.125% Jan-28 has traded at a 10.0-14.5bp spread to the 0.375% Oct-26 benchmark 5-year gilt and at the time of writing the spread was at 12.9bp, a little above the middle of the range.
  • We also note that the last three auctions of the 0.125% Jan-28 gilt saw bid-to-covers of 2.67-3.22x and tails of 0.1-0.2bp.
  • There are no further auctions of the 0.125% Jan-28 gilt planned at present.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP687.5mln available to successful bidders via the PAOF.

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