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#2: 0.625% Oct-50

GILT AUCTION PREVIEW
  • Issuance for the week will conclude today with GBP1.75bln of the 0.625% Oct-50 gilt on offer.
  • This will be the smallest auction of the gilt since its syndicated launch, and indeed the smallest 30-year auction in nominal terms since March 2019.
  • Despite only being launched in June, prior to this morning's auction there is already GBP19.4bln of the 0.625% Oct-50 gilt in issue.
  • After a couple of weak July auctions with tails of 1.1bp and 1.2bp respectively and bid-to-covers below 2x, the last couple of auctions of the 0.625% Oct-50 gilt have seen more respectable tails of 0.5bp and 0.3bp and bid-to-covers of 2.09x and 2.22x. The 7 Oct auction of the previous 30-year benchmark, the 1.75% Jan-49, was also successful seeing a tail of 0.2bp and a bid-to-cover of 2.07x.
  • In line with the DMO's strategy to continue to build up its benchmark gilts, the 0.625% Oct-50 gilt will be on offer again on 17 November.
  • RESULTS: Results will be available shortly after the auction closes at 11:30BST with an additional GBP437.5mln available to successful bidders through the PAOF until 14:30BST.
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