Free Trial

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

#1: Aug-28 linker

  • This morning GBP1.00bln nominal of the 0.125% Aug-28 index-linked gilt will be on offer in an auction that was originally scheduled for 25 November but which has been moved to accommodate the Spending Review.
  • This will be the first linker auction since the decision on the future of RPI was made. Real yields for the 0.125% Aug-28 linker fell around 10bp on the announcement but are still around 5bp higher than the -2.977% level seen at the last auction.
  • This will be the sixth auction of the 0.125% Aug-28 linker this fiscal year, but the GBP1.00bln nominal on offer is smaller than any other auction of the linker this fiscal year (and matches the smallest auction size seen before in January 2020).
  • Bid-to-covers have been gradually falling through this fiscal year but we would expect the extra certainty of the RPI review along with the smaller auction size this morning to see a reversal in this trend.
  • RESULTS: Results will be available shortly after the auction closes at 10:00GMT with a further GBP250mln nominal available to successful bidders via the PAOF.

To read the full story

Why Subscribe to


MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.