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#2: 0.125% Aug-48 linker tender

GILT AUCTION PREVIEW
  • Issuance for the calendar year will conclude tomorrow with a tender for GBP250mln of the 0.125% Aug-48 index-linked gilt.
  • This tender was announced alongside the issuance calendar for January-March in which the number of linker auctions was cut from six to four to accommodate a syndication of a new long-dated index-linked gilt.
  • The 0.125% Aug-48 linker is not scheduled to be reopened this fiscal year.
  • The two previous auctions of the 0.125% Aug-48 linker so far this fiscal year have seen bid-to-cover of 3.36x in May and 2.13x in August.
  • With the smaller size of the tender and the removal of uncertainty after the outcome of the RPI consultation, we think there could be very strong demand at this week's tender.
  • We note that as this is a tender rather than an auction there will be no non-competitive bidding allowances and no PAOF.
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