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#2: 1.625% Oct-71

GILT AUCTION PREVIEW
  • Also tomorrow, the DMO will look to sell GBP1.25bln of the 50-year 1.625% Oct-71 gilt.
  • This will be the fourth auction of the gilt in the 2021/22 fiscal year with the June and July auctions in particular seeing strong demand with bid-to-covers of 2.26x and 2.51x respectively and tails of 0.3bp and 0.2bp.
  • The April auction saw a wider tail of 0.8bp.
  • We would expect a strong auction this week and note that the prevailing yield is only around 1bp lower than achieved at the July auction despite yields having moved more than 15bp lower and back again since.
  • The 1.625% Oct-71 gilt is due to be reopened on 2 November.
  • Timing: Results are expected shortly after the auction closes at 11:30BST with a further GBP312.5mln available to successful bidders through the PAOF.
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