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#2: 1.625% Oct-54

GILT AUCTION PREVIEW
  • Issuance will conclude for the week tomorrow with GBP1.25bln of the 1.625% Oct-54 gilt on offer.
  • After being reopened six times in the first five months of the fiscal year, this will be the first auction of the gilt since August.
  • Demand for the 1.625% Oct-54 has been a little inconsistent with auction sizes ranging from GBP1.25-1.75bln but bid-to-covers ranging from 1.74x-2.60x. Tails has also varied from 0.2-0.7bp.
  • We expect that after not being tapped for some time there will be decent demand for the gilt and look for a tail of 0.2-0.3bp with a bid-to-cover of around 2.2-2.4x.
  • RESULTS: Results will be available shortly after the auction closes at 11:30GMT with a further GBP312.5mln nominal available to successful bidders through the PAOF.
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