MNI China Daily Summary: Thursday, June 27

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#1: 1.25% Jul-27 gilt

GILT AUCTION PREVIEW

Issuance will kick off for the week this morning with GBP2.75bln of the
1.25% Jul-27 gilt on offer.

  • The gilt migrated to the short bucket from the medium bucket last week
    and this will be the third auction of the gilt this fiscal year. The previous
    two auctions have seen tails of 0.3bp with bid-to-covers of 2.37x and 2.21x
    respectively. Its closest peer in the short bucket is the 1.50% Jul-26 gilt
    which has been on offer twice since (including once last week) and has
    seen slightly tighter tails of 0.2bp and better bid-to-covers of 2.67x and
    2.64x respectively.

RESULTS: Results will be announced shortly after the auction closes at
10:00BST with a further GBP687.5mln available to successful bidders via
the PAOF.

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