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1.00% Jan-32

GILT AUCTION PREVIEW
  • The DMO will come to the market this morning for the second gilt auction of the week with GBP2.5bln of the 1.00% Jan-32 gilt on offer, the 10-year benchmark.
  • This will be the fourth auction of the gilt which was launched in December and has been reopened every 2 months since. Note that after today's auction, however, the 1.00% Jan-32 gilt will be on offer for each of the next three months.
  • Today's auction size of GBP2.5bln will be the same as seen in April, and slightly larger than the GBP2.25bln seen in both the December and February auctions.
  • Bid-to-covers have ranged from 2.23x-2.64x and increased at each subsequent auction so far, while tails have been 1.9bp, 0.7bp and 0.2bp respectively.
  • This is the last conventional gilt scheduled to be auctioned in June with a syndication of the 50-year gilt due the W/C 20 June and the 10-year linker due to be auctioned 28 June.
  • Yields on the 1.00% Jan-32 gilt have risen by over 30bp since the 1.925% seen at last month's auction and hit record highs of 2.317% yesterday before falling back to close at 2.249%.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP625mln available to successful bidders through the PAOF.
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