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#2: 1.625% Oct-71

GILT AUCTION PREVIEW
  • Also this morning, the DMO will look to sell GBP1.25bln of the 50-year 1.625% Oct-71 gilt.
  • This will be the last auction of a gilt with a maturity longer than 30-years in 2021.
  • The auction size is in line with the previous three auctions held in June, July and September.
  • Those auctions saw tails range from 0.1-0.3bp and bid-to-covers range from 2.23-2.51x.
  • We expect continued strong demand and note that at the time of writing the 1.625% Oct-71 gilt with a mid-yield below 0.90% and a maturity of greater than 8-years.
  • Timing: Results will be available shortly after the auction closes at 11:30GMT with a further GBP312.5mln available via the PAOF.
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