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1.00% Jan-32

GILT AUCTION PREVIEW
  • The DMO is due to come to the market this morning with GBP2.75bln of the 10-year 1.00% Jan-32 gilt on offer.
  • This will be the sixth auction of the gilt since its December launch.
  • The auction size of GBP2.75bln is in line with the July auction, but larger than earlier auctions of GBP2.25-2.50bln.
  • Despite the increasing auction sizes, the past three auctions have seen tails of 0.2bp while bid-to-covers have varied from 2.23x at launch to 2.85x (2.45x at the July auction).
  • We would expect to see today’s auction results in line with this.
  • Note, the 1.00% Jan-32 gilt will be reopened again via auction on 7 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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