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1.125% Jan-39

GILT AUCTION PREVIEW
  • The DMO’s second auction of the day will see GBP2.25bln of the 1.125% Jan-39 gilt on offer.
  • The gilt was last sold in July with a bid-to-cover of 2.56x, tail of 0.2bp and nominal auction size of GBP2.00bln.
  • Since then, the 3.75% Jan-38 gilt has been launched via syndication on 8 November with GBP6.0bln sold and with strong demand from books of GBP47.1bln.
  • Given that demand at the last 10-year, 25-year and 30-year gilt auctions have all seen bid-to-covers around 2.1x and tails in a range 0.4-0.6bp, we would expect a similar result for this week’s 1.125% Jan-39 gilt auction.
  • We note that the 1.125% Jan-39 gilt will be on offer again on 8 February while the 3.75% Jan-38 gilt will be reopened via auction on 1 March.
  • Timing: Results will be available shortly after 11:30GMT with a further GBP562.5mln available to successful bidders through the PAOF.
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