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#2: 1.625% Oct-54

GILT AUCTION PREVIEW
  • GBP1.25bln of the 1.625% Oct-54 gilt will also be on offer today.
  • This will be the eighth auction of the gilt this fiscal year after it launched via two syndications in the previous fiscal year.
  • With the exception of a relatively weak auction at the end of July, bid-to-covers have ranged from 2.23-2.60x (2.52x previous) and tails have generally been around 0.2bp. We would expect a similar result this week.
  • The 1.625% Oct-54 gilt will be on offer again on 16 March.
  • Results: Results will be available shortly after the auction closes at 11:30GMT with a further GBP312.5mln available through the PAOF to successful bidders.

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