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1.25% Jul-51

GILT AUCTION PREVIEW
  • The DMO will come to the market this morning to offer GBP2.0bln of the 30-year 1.25% Jul-51 gilt.
  • This will be the seventh auction of the gilt (which was originally launched via syndication in April 2021).
  • The auction size of GBP2.0bln is a bit larger than seen recently, with the last three auctions being sized at GBP1.5bln, GBP1.5bln and GBP1.75bln respectively.
  • Bid-to-covers have remained strong, ranging from 2.05-2.91x, with the 2.91x seen at the last auction on 18 May.
  • Tails have been move variable, ranging from 0.2-1.1bp, but again the 18 May auction was strong with a 0.2bp tail.
  • UK 30-year yields have been on a bit of a rollercoaster recently, hitting a high of just below 2.90% on 21 June and moving as low as 2.39% on Friday before recovering somewhat to 2.58% at the time of writing.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP500mln available to successful bidders through the PAOF.
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