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Free Access#2: 1.25% Jul-51
- Also tomorrow, the 30-year 1.25% Jul-51 gilt will be auctioned for the first time following its syndicated launch on 27 April.
- GBP2.0bln will be on offer.
- The GBP6.0bln April launch saw very strong demand with books of GBP69.4bln, only marginally below the GBP72.8bln seen at the launch of the previous 30-year benchmark, the 0.625% Oct-50 gilt in June 2020.
- Looking at auctions of the 0.625% Oct-50 gilt and the 0.875% Jan-26 gilt this year, bid-to-covers have ranged from 2.17-2.54x with tails generally of 0.2-0.3bp (except the May 25-year auction which saw a tail of 0.9bp the day before the May MPC policy announcement).
- We would expect a relatively strong auction tomorrow.
- The 1.25% Jul-51 gilt is due to be reopened again on 3 August and 28 September.
- Timing: Results will be available shortly after the auction closes at 11:30BST with a further GBP500mln available to successful bidders via the PAOF.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.