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Expiries for Feb28 NY cut 1000ET (Source DTCC)

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# 2: 0.25% Jul-31

GILT AUCTION PREVIEW
  • Issuance for the week will conclude today with GBP2.75bln of the 0.25% Jul-31 gilt on offer.
  • This will be the second auction of the gilt that was launched three weeks ago.
  • This morning's auction will be slightly smaller than the GBP3.00bln on offer at launch, which saw a bid-to-cover of 2.51x and a tail of 0.2bp.
  • Since late August, all auctions for the 0.375% Oct-30 and the 0.25% Jul-31 gilt have seen GBP7.1-7.5bln of bids, which would suggest this week's auction will see a bid-to-cover in the region of 2.6-2.7x.
  • Tails since late August have all been very tight, in the 0.1-0.2bp range.
  • RESULTS: Results will be available shortly after the auction closes at 11:30GMT with a further GBP687.5mln nominal available to successful bidders via the PAOF.

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