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#1: 0.625% Jul-35

GILT AUCTION PREVIEW
  • UK issuance for the week will kick off this morning with GBP2.50bln of the 0.625% Jul-35 gilt on offer.
  • The gilt has seen firm demand so far with a book size of GBP76bln for its syndicated launch in September (which saw GBP8.0bln issued) followed by three auctions (one per month) with improving bid-to-covers of 2.41x, 2.44x and 2.95x respectively and tails of 0.2bp, 0.1bp and 0.0bp (most recently in December).
  • We expect a strong auction once again today.
  • We note that the DMO will keep up the one auction per month schedule with further auctions scheduled for 17 February and 17 March.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT with a further GBP625mln available to succesful bidders trhough the PAOF.
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