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Pullback Considered Corrective

EUROZONE ISSUANCE

EGB Supply For W/C Sep 20, 2021: Upcoming

#2: 1.625% Oct-71

GILT AUCTION PREVIEW
  • The 1.625% Oct-71 gilt will also be on offer tomorrow for GBP1.00bln nominal.
  • Despite being launched almost three years ago, this remains the longest-dated outstanding gilt.
  • The gilt has only been sold once during this fiscal year, in October. This auction saw a bid-to-cover of 2.63x and a tight tail of 0.1bp. The full PAOF proceeds were also taken.
  • This was the first conventional auction of the gilt which had previous been sold on three occasions via syndication.
  • We would expect another strong auction this week.
  • Timing: Results will be announced shortly after the auction closes at 11:30GMT. A further GBP250mln nominal will be available to successful bidders through the PAOF.
MNI London Bureau | +44 203-865-3820 | tim.davis@marketnews.com