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1.125% Jan-39 gilt

GILT AUCTION PREVIEW
  • The DMO will kick off issuance for the fiscal year this morning with GBP2.25bln of the 1.125% Jan-39 gilt on offer.
  • The gilt was reopened via auction four times in the 2022/23 fiscal year, most recently two months ago. Bid-to-covers ranged from 2.35-2.95x (with 2.42x most recently) while the tail was 0.7bp at the last auction and 0.2bp at the other auctions in 2022/23.
  • More recently we have also seen an auction of the 3.75% Jan-38 gilt on 1 March in which a bid-to-cover of 2.41x was seen with a tail of 0.4bp.
  • This will be the only auction of the 1.125% Jan-39 gilt in the quarter but the 3.75% Jan-38 gilt will be on offer on 28 June.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP562.5mln available to successful bidders via the PAOF.
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