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#1: 0.25% Jan-25

GILT AUCTION PREVIEW
  • The DMO will come to the market this morning to sell GBP3.25bln of the 3-year 0.25% Jan-25 gilt.
  • This will be the second auction of the issue that was launched on 1 July with the larger auction size of GBP3.50bln (and a further GBP732mln purchased at the PAOF).
  • That auction saw decent demand with a bid-to-cover of 2.34x and a tight tail of 0.1bp.
  • We would expect similarly strong demand at today's auction and note that at the time of writing, the prevailing yield on the gilt is around 3bp lower than seen at July's auction.
  • There is actually very little of the 0.25% Jan-25 gilt in the hands of market participants with the BoE having already purchased GBP3.0bln of the gilt through its APF operations (around 70% of the free float), leaving GBP1.2bln in the hands of the market.
  • The 0.25% Jan-25 gilt is due to be reopened monthly with auctions scheduled for 5 October, 2 November and 2 December.
  • Timing: Results are expected shortly after the auction closes at 10:00BST with a further GBP812.5mln available to successful bidders through the PAOF.
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