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#1: 0.25% Jan-25 gilt

GILT AUCTION PREVIEW
  • This morning, the DMO will come to the market to sell GBP3.0bln of the 3-year 0.25% Jan-25 gilt.
  • This will be the fourth auction of the gilt after it was launched in July and reopened in September and October.
  • The auction size is the same as the previous auction at GBP3.0bln with the July and September auctions sized at GBP3.5bln and GBP3.25bln respectively.
  • Despite the fall in auction sizes, tails have gradually crept up from 0.1bp at the launch auction to 0.2bp and 0.3bp at the last auction.
  • Meanwhile the bid-to-cover has come in at 2.34x, 2.81x and 2.51x respectively.
  • We note that the planned December auction was among the auctions cancelled as part of the remit revision so this is the last scheduled issuance of the 3-year gilt in 2021.
  • We will be closely watching the tail of the auction after the wide 1.0bp tail seen at last week's 5-year gilt auction.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT with a further GBP750mln available via the PAOF.
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