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#2: 1.125% Jan-39

  • Today will also see the 1.125% Jan-39 gilt on offer for GBP2.25bln.
  • This will be the first reopening of the gilt after it was launched via syndication on 14 July for GBP7.0bln (from books of GBP59.7bln).
  • There has not been any conventional issuance between 13-24 years to maturity since the syndicated launch, and other than one auction of the 0.625% Jul-35 gilt in June, there have not been any other auctions in the range since May.
  • On 18 May, the 1.25% May-41 gilt was sold for GBP2.25bln with a yield of 1.392%, a bid-to-cover of 2.49x and a tight tail of 0.1bp.
  • The 1.125% Jan-39 gilt will be on offer again on 1 December.
  • Timing: Results will be available shortly after the auction closes at 11:30BST.

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