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#1: 0.375% Oct-26

GILT AUCTION PREVIEW
  • Gilt issuance for the week will kick off tomorrow with GBP3bln of the 5-year 0.375% Oct-26 gilt on offer.
  • This will be the fourth auction of the gilt since its launch in March.
  • Bid-to-covers have been very stable to date ranging from 2.53x-2.57x while tails have been 0.2bp at the last auction and 0.3bp at the first two auctions.
  • We would expect similar demand this week, with the potential for a slightly higher bid-to-offer given that there is a 7-week gap to the next 5-year auction.
  • We note that despite the larger-than-usual gap to the next auction, the 0.375% Oct-26 gilt is still due to be auctioned again in each of July, August and September.
  • Timing: Results will be available shortly after the auctions closes at 10:00BST with a further GBP750mln available to successful bidders via the PAOF.
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