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1.75% Jan-49

GILT AUCTION PREVIEW
  • The 1.75% Jan-49 gilt will be on offer for GBP2.25bln this morning in the last auction of a conventional gilt this fiscal year.
  • This will be the second time the 1.75% Jan-49 gilt has reopened since June as the DMO has concentrated on issuing the 0.625% Oct-50 gilt since its launch.
  • Note that neither of these gilts are due to be sold in the April to June period, with the DMO instead concentrating on the new Jul-51 gilt that is due to be launched via syndication at the end of April and reopened in June and the 0.875% Jan-46 gilt that will be sold monthly in the period.
  • The October auction of the 1.75% Jan-49 gilt saw a bid-to-cover of 2.07x and tail of 0.2bp while the February auction of the 0.625% Oct-50 had a bid-to-cover of 2.20x and a tail of 0.3bps.
  • Last week's auction of the 1.625% Oct-54 gilt saw a wide tail of 1.1bp (albeit with a respectable bid-to-cover of 2.07x) and so the tail on today's auction will be closely watched.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT.
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