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#1: 0.125% Jan-28 gilt

GILT AUCTION PREVIEW
  • This morning the DMO will offer GBP2.75bln of the 0.125% Jan-28 gilt via auction.
  • This will be the fifth auction of the gilt since its June launch. The previous auction of the gilt saw the most successful auction of the issue since its launch with a tail of 0.2bp and a bid-to-cover of 2.88x. Indeed, tails have got tighter at every auction so far while bid-to-covers have increased over the past two auctions.
  • The 0.125% Jan-28 gilt continues to trade at a fairly heavy discount to the 4.25% Dec-27 gilt which matures just eight weeks earlier than the 0.125% Jan-28 gilt. At writing the spread was close to 7.0bp – a little lower than the 7.5bps at the end of last week which was the widest it has been since the launch of the gilt.
  • The 0.125% Jan-28 gilt will be on offer again on 29 September and 3 November.
  • RESULTS: Results will be announced shortly after the auction closes at 10:00BST with a further GBP687.5mln available to successful bidders via the PAOF.
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