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1.25% Jul-51

GILT AUCTION PREVIEW
  • The DMO will come to the market this morning with GBP1.5bln of the 30-year 1.25% Jul-51 gilt on offer.
  • This will be the final conventional gilt auction of the fiscal year (although we do have a linker auction next week and the DMO has already announced the 5/10-year gilts on offer in the first two weeks of the next fiscal year).
  • This will also be the first gilt auction after the first passive reduction in the BoE’s balance sheet since QE began in 2009, following on from the redemption of the 4.00% Mar-22 gilt (which was also launched in 2009). The BOE held GBP25.1bln nominal of the gilt (GBP27.9bln in purchase terms).
  • Given the recent market moves and the elevated tail of last week’s 3-year gilt auction (2.5bp), investors may be fairly cautious going into today’s auction.
  • The last two auctions of the 1.25% Jul-51 gilt have been 1.1bp in September and 1.0bp in December and there is scope for it to be a little wider than that today.
  • Timing: Results will be available shortly after 10:00GMT with a further GBP375mln available to successful bidders via the PAOF.
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