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1.125% Jan-39

GILT AUCTION PREVIEW
  • The DMO is due to come to the market this morning to offer GBP2.0bln of the 1.125% Jan-39 gilt via auction.
  • This auction comes almost exactly a year since the gilt was launched via syndication for GBP7.0bln and it has since been reopened just twice via auction: first in October for GBP2.25bln nominal with a bid-to-cover of 2.08x and tail of 0.4bp and then in April for GBP2.0bln nominal with a bid-to-cover of 2.95x and a tight tail of 0.2bp.
  • Bid-to-covers have remained healthy for gilt issues recently, but tails have been a bit more variable depending on the volatility on the day of the auction.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP500mln available to successful bidders via the PAOF.
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