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1.625% Oct-71

GILT AUCTION PREVIEW
  • This morning the DMO will hold the only auction of a conventional gilt this week with the 50-year 1.625% Oct-71 gilt on offer for GBP1bln.
  • This gilt was launched via two syndications in 2018 before being reopened in 2020 via another syndication and then its first auction.
  • The second and most recent auction of the gilt was on 2 February when a bid-to-cover of 2.32x was achieved with a tail of 0.2bp.
  • The price of 137.295 achieved at the auction has fallen substantially in line with the sell-off in long-dated bonds globally.
  • A low of 111.291 was seen on 25 February. Since early March the gilt has traded in a 112.912-123.605 range with the prevailing price at 119.7.
  • After two long-dated auctions in the second half of March which saw tails of over 1bp, last week's 0.875% Jan-46 gilt saw a much tighter tail of 0.3bp.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP250mln
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