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1.25% Oct-41

GILT AUCTION PREVIEW
  • GBP2.00bln of the 1.25% Oct-41 gilt will also be on offer this morning and will conclude issuance for the week.
  • This auction size is in line with that seen four weeks ago but is a slightly smaller auction size than the previous four auctions of the gilt which saw auctions of GBP2.25bln.
  • The 3 September auction saw a smaller amount bid than previous auctions, but a small uptick in the bid-to-cover ratio from 1.95x in August to 2.06x. The tail of 0.3bp was in line with the previous range of 0.2bp to 0.4bp although the August auction was an outlier, seeing a wider tail of 0.7bp.
  • We note that the full PAOF allocation has been taken up for each of the past four auctions of this gilt.
  • In line with the DMO's strategy to continue to build up benchmarks, the 1.25% Oct-41 is due to be sold again 3 November.
  • RESULTS: Results will be available shortly after the auction closes at 11:30BST with a further GBP500mln available to successful bidders through the PAOF.
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