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#1: 0.375% Oct-26

GILT AUCTION PREVIEW
  • Issuance for the fiscal year will kick off tomorrow with the 0.375% Oct-26 gilt on offer for GBP3bln.
  • This will be the second auction of the gilt after it was launched last month with the same auction size of GBP3.0bln and with a further GBP147.4bln taken up through the PAOF.
  • That auction saw a bid-to-cover of 2.53x, a tail of 0.3bp and an average yield of 0.454% (which is broadly in line with the prevailing yield at the time of writing).
  • The bid-to-cover and tail were in line with the range of the previous 5-year gilt, the 0.125% Jan-26 which has seen bid-to-covers range from 2.06x-2.78x and tails from 0.1-0.4bp.
  • We would expect a similar result at this week's auction.
  • The 0.375% Oct-26 gilt is due to be reopened monthly with 11 May and 8 June the next scheduled auction dates.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP750mln available to successful bidders through the PAOF.
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