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1.25% Oct-41

GILT AUCTION PREVIEW
  • The only gilt auction of the week will be this morning and see GBP2.00bln of the 1.25% Oct-41 on offer.
  • This will be the tenth auction of the benchmark 20-year gilt this fiscal year with January the only month not to see the gilt sold.
  • Since May, bid-to-covers have come in between 1.95-2.42x.
  • We note that the amount on offer at the previous two auctions was higher than for today's auction at GBP2.50bln and GBP2.25bln respectively, with bids of GBP4.83bln and GBP4.99bln respectively, both the highest in six months, and we would expect demand to remain high at this morning's auction.
  • The tail seen at the previous two auctions was also tight at 0.1bp, with other tails generally 0.2-0.4bp (with an outlier of 0.7bp in August).
  • The 1.25% Oct-41 gilt is due to be on offer again in a month on 9 March.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT with a further GBP500mln nominal available via the PAOF to successful bidders.
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