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#2: 0.875% Jan-46

GILT AUCTION PREVIEW
  • The DMO will also look to sell GBP2.0bln of the 0.875% Jan-46 gilt this morning.
  • The 25-year gilt was launched via syndication in January for GBP6.5bln from books of GBP56.6bln. It has then been reopened twice via auction in April and May.
  • Demand was decent in April with a bid-to-cover of 2.54x and tail of 0.3bp but in May the bid-to-cover fell to 2.17x with a tail of 0.9bp.
  • Average yields at the last two auctions of 1.332% and 1.322% respectively are marginally lower than prevailing yields at the time of writing, despite reaching highs of 1.4749% on 13 May.
  • We will be watching the tail at this auction closely as a guage for how much demand remains at the 25-year area of the curve.
  • The 0.875% Jan-46 gilt is only due to be reopened once during the July to September period with an auction scheduled for 17 August.
  • Timing: Results will be available shortly after the auction closes at 11:30BST with a further GBP500mln available to successful bidders via the PAOF.
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