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#2: 0.875% Jan-46

GILT AUCTION PREVIEW
  • The 0.875% Jan-46 gilt will also be available tomorrow for GBP2bln.
  • This will be the first auction for the 25-year gilt which was launched via syndication on 19 January for GBP6.5bln.
  • The syndication saw very high demand with a book size of GBP56.6bln.
  • The tail will be watched closely given the relatively wide tails seen on the last two long-dated auctions: a 1.1bp tail was seen on the 1.625% Oct-54 auction on 16 March and a 1.2bp tail on the 1.75% Jan-49 auction on 24 March.
  • However, in spite of the wider tails, the bid-to-covers remained strong for these auctions with every long-dated auction since mid-August having seen a bid-to-cover of at least 2x.
  • Like all long-dated gilts, the 0.875% Jan-46 saw a decent sell-off during February but has traded in a 1.21-1.46% range since the beginning of March.
  • The 0.875% Jan-46 gilt is the only long-dated gilt scheduled to be sold three times in the April-June period, with the next auctions due on 5 May and 2 June.
  • Timing: Results will be available shortly after the auction closes at 11:30BST with a further GBP500mln available to successful bidders through the PAOF.
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