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#1: 0.25% Jul-31

GILT AUCTION PREVIEW
  • Gilt issuance will kick off this morning with GBP2.75bln of the benchmark 10-year 0.25% Jul-31 gilt on offer.
  • This will be the ninth auction of the gilt since its launch in November, with the previous five auctions having also been for GBP2.75bln.
  • Demand has remained robust with the June auction seeing a bid-to-cover of 2.64x, the lowest since the launch auction, but still very respectable.
  • Each of the last three auctions have also seen tight tails of 0.1bp.
  • We would expect another very strong auction this morning.
  • At the prevailing yield we could see the lowest yield achieved at auction since February.
  • The 0.25% Jul-31 gilt will keep up its monthly issuance pattern with further auctions scheduled for 10 August and 15 September
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP687.5mln available to successful bidders through the PAOF.
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