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#2: 1.625% Oct-54

GILT AUCTION PREVIEW
  • The DMO will also look to sell GBP1.50bln of the 1.625% Oct-54 gilt tomorrow.
  • Like the 3-year auction, this will be the largest auction of the 1.625% Oct-54 gilt since July.
  • However, given the higher duration of this gilt, the expected cash size of the auction is only around 7% higher than the January auction (at current prices).
  • Demand for the last two 30+ year gilts has been strong with the 0.625% Oct-50 gilt sold on 24 February with a bid-to-cover of 2.20x and a tail of 0.3bp while the 0.50% Oct-61 gilt was sold on 3 March with a bid-to-cover of 2.63x.
  • The last auction of the 1.625% Oct-54 was on 13 January and saw very strong demand with a bid-to-cover of 2.89x and a tail of 0.1bp.
  • We note that there are no scheduled sales of the 1.625% Oct-54 gilt in the April to June period (or indeed of the 1.75% Jul-57 gilt) with the DMO instead concentrating on gilts launched since 2020 (and the 1.625% Oct-71 gilt).
  • Timing: Results will be available shortly after the auction closes at 11:30GMT with a further GBP375mln available to successful bidders through the PAOF.
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