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#2: 1.625% Oct-54

GILT AUCTION PREVIEW
  • GBP1.25bln of the 1.625% Oct-54 gilt will also be available today.
  • Like the 0.125% Jan-26 auction, the size for the 1.625% Oct-54 auction is smaller than previous recent issues. Indeed the 1.625% Oct-54 gilt has not seen an auction this small since its syndicated launch in May 2019.
  • After some weak auctions of the 0.625% Oct-50 gilt and the 1.75% Jul-57 gilt in early-mid July recent auctions have seen tighter tails and better bid-to-cover ratios.
  • RESULTS: Results will be announced shortly after the auction closes at 11:30BST with a further GBP312.5mln available to successful bidders via the PAOF.

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