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1.25% Nov-32 linker

GILT AUCTION PREVIEW
  • Issuance for the week will kick off this morning with GBP600mln nominal of the 1.25% Nov-32 linker on offer.
  • The linker was last on offer in July and saw a bid-to-cover ratio of 2.51x off a smaller auction of GBP500mln nominal. This was the only previous auction of the index-linked gilt since December 2015. It was also one of only two linker auctions this year to date (out of 12) that saw no take-up in the PAOF.
  • Linker auctions continue to remain popular with no auction since June 2019 having seen a bid-to-cover of below 2x.
  • The 0.125% Nov-36 linker and 0.125% Aug-28 linker are both due to be auctioned in November.
  • RESULTS: Results will be available shortly after the auction closes at 10:00BST with an additional GBP150mln available to successful bidders through the PAOF until 13:00BST.

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