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1.25% Jul-51

GILT AUCTION PREVIEW
  • The DMO will come to the market this morning to sell GBP2.5bln nominal of the 30-year 1.25% Jul-51 gilt.
  • The gilt was sold a month ago and also in July and this will be the fourth auction of the gilt so far in 2022.
  • This is set to be the largest auction of the 1.25% Jul-51 gilt to date but the smallest in cash terms.
  • Bid-to-covers have been between 2.24-2.91x through 2022 while tails have been relatively tight at 0.2-0.4bp.
  • The last long-dated gilt auction was that of the 40-year 0.50% Oct-61 gilt auction two weeks ago which saw a bid-to-cover of 1.97x (despite its very wide tail of 4.0bp).
  • The 1.25% Jul-51 gilt is due to be reopened once more in 2022 on 1 December. This may be the last auction of the gilt before a new Jan-53 gilt is launched in Q1-23.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP625mln available to successful bidders through the PAOF.
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