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1.00% Jan-32

GILT AUCTION PREVIEW
  • The DMO will return to the market this morning at a later time than usual with GBP3.25bln nominal of the 10-year 1.00% Jan-32 gilt on offer.
  • The gilt was last sold just two weeks ago and saw a bid-to-cover of 2.50x and a tail of 0.3bp (on a smaller nominal size of GBP3.00bln).
  • The 1.00% Jan-32 gilt will be on offer again on 15 November and 13 December with the DMO looking to issue a new Jan-33 gilt in the new year.
  • At the time of writing despite gilts trading lower (yields higher) the market seemed to be coping adequately with the announcement last night that active gilt sales would begin for shorts and mediums (but not longs) with the first operation on 1 November.
  • Timing: Note that today's auction closes at 11:30BST (NOT the usual 10:00BST). The same timing change has been seen for the auction scheduled for 16 November (the next CPI release date).
  • A further GBP812.5mln will be available to successful bidders through the PAOF.
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