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#2: 0.50% Oct-61

GILT AUCTION PREVIEW
  • Tomorrow will also see the benchmark 40-year 0.50% Oct-61 gilt on offer for GBP1.50bln.
  • This will be the fourth reopening of the gilt after two syndications were held in May 2020 and September 2020 before auctions were held in March 2021 and May 2021.
  • The last auction saw a bid-to-cover of 2.27x with a tail of 0.4bp.
  • This bid-to-cover is in line with other ultra-long issuance seen more recently, but the tail was a little on the wide side.
  • Timing: Results will be available shortly after the auction closes at 11:30BST with a further GBP375mln available to successful bidders through the PAOF.

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