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#2: 1.625% Oct-71

GILT AUCTION PREVIEW
  • The 1.625% Oct-71 gilt will also be on offer tomorrow with an auction size of GBP1.0bln.
  • This is the longest dated gilt in issue and tomorrow will be the first auction of the fiscal year to see a longer dated gilt than the 1.75% Jul-57 on offer (although we note that there have been two successful syndications of the 0.50% Oct-61 gilt).
  • Since August every 30+ year auction has seen a bid-to-cover of at least 2x, which we would expect to see for the 1.625% Oct-71 gilt tomorrow and in the last two months tails have been in a 0.2-0.3bp range.
  • RESULTS: Results will be available shortly after the auction closes at 11:30GMT with an additional GBP812.5mln available to successful bidders through the PAOF until 14:30GMT.
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