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1.25% Jul-51

GILT AUCTION PREVIEW
  • The DMO will come to the market this morning to look to sell GBP1.75bln of the 30-year 1.25% Jul-51 gilt.
  • This will be the sixth auction of the gilt after its syndicated launch in April 2021.
  • The last two auctions (March 2022 and December 2021) have seen auction sizes of GBP1.50bln (smaller in nominal terms than this week’s auction but similar in cash terms). Prior auctions have been for GBP2.0bln.
  • Bid-to-covers have ranged from 2.05-2.42x (2.31x at the previous auction and 2.42x prior) while tails have ranged from 0.2-1.1bp (0.4bp previous; 1.0bp prior).
  • We note that since the last auction of the 1.25% Jul-51 gilt (10 weeks ago) there has only been one long-dated auction – the 1.125% Jan-39 gilt was sold for GBP2.5bln on 20 April with very strong demand – a bid-to-cover of 2.95x and a tail of 0.2bp.
  • We wouldn’t expect to see an auction as strong as that one, but we would expect to see decent demand today.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP437.5mln available to successful bidders through the PAOF.
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