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1.25% Jul-51

GILT AUCTION PREVIEW
  • The only gilt auction of the week will see the DMO come to the markets this morning to sell GBP2bln of the 30-year 1.25% Jul-51 gilt.
  • This will be the third auction of the gilt that was first launched via syndication in April for GBP6bln.
  • Both auctions since have been for GBP2bln with the bid-to-cover coming in at 2.25x in June and 2.41x in August while the tail was 0.2bp and 0.5bp respectively.
  • We would expect a successful auction today with a tighter tail than seen in August.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP500mln nominal available to successful bidders through the PAOF.
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