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#1: 0.25% Jan-25

  • Gilt issuance for the week will kick off this morning with GBP3.0bln on the 3-year 0.25% Jan-25 gilt on offer.
  • This will be the third auction of the gilt and the auction size sees another reduction.
  • The launch auction in July was sized at GBP3.5bln while the September auction saw GBP3.25bln sold.
  • The latter auction saw a stronger bid-to-cover ratio of 2.81x (vs 2.34x at the launch) but a wider tail of 0.2bp (vs 0.1bp at the launch).
  • The gilt has seen a decent sell-off as expectations of a more active Bank of England has seen expectations of hikes pulled forward.
  • The yield at the time of writing is almost 24bp higher than that achieved at the September auction.
  • In spite of this we would expect to see a decent auction today.
  • The 0.25% Jan-25 gilt is due to be reopened twice more in 2021, via auction on 2 November and 2 December.
  • Timing: Results will be available shortly after the auction closes at 10:00BST.

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