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1.50% Jul-53 Green Gilt

GILT AUCTION PREVIEW
  • The DMO is in the market this morning to sell GBP2.5bln of the 30-year 1.50% Jul-53 green gilt.
  • This green gilt has been reopened twice already this fiscal year (for GBP2.0bln in July and GBP2.25bln in October) with bid-to-covers of 2.64x and 2.83x respectively and tails of 0.3bp and 1.0bp respectively.
  • The auction falls two weeks after the syndicated launch of the new 30-year conventional 4.375% Jul-54 gilt which saw very strong demand with books of GBP77.8bln for the GBP6.0bln sold.
  • We expect to see continued strong demand evident in the bid-to-cover this week, but have less conviction surrounding the tightness of the tail.
  • Note that as this is a green gilt, there will be no PAOF available.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT.
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