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- There is just the one gilt issuance operation this week as we move into the summer with GBP1.25bln of the 1.625% Oct-71 gilt on offer via auction this morning.
- This is the third auction so far this fiscal year of the 50-year gilt.
- The April auction was a smaller size of GBP1.00bln and saw a bid-to-cover of 2.23x with a tail of 0.8bp. The June auction was the same GBP1.25bln size seen today with a bid-to-cover of 2.26x and a tail of 0.3bp (with full take-up of the PAOF).
- Today's auction is likely to be the first of the fiscal year to see yields of sub 1%.
- The 1.625% Oct-71 gilt is due to be reopened 7 week later on 7 September.
- Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP312.5mln available to successful bidders via the PAOF.