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#2: 1.75% Jan-57

GILT AUCTION PREVIEW
  • Today will also see GBP1.25bln of the 1.75% Jan-57 gilt on offer.
  • This will be the fifth auction of the gilt this fiscal year.
  • The previous two auctions of this gilt have seen relatively side tails of 1.0bp in July and 0.6bp in August. However, we note that through all of July until mid-August tails on all 30+ year auctions were wide during this period and more recent auctions of the 1.625% Oct-54, 0.625% Oct-50 and 1.75% Jan-49 have all seen tails of 0.2-0.3bp. Similarly, bid-to-covers were all below 2x throughout July but since then have recovered to be consistently above 2x for 30+ year auctions.
  • The 1.75% Jul-57 gilt is due to be sold again on 24 November.
  • RESULTS: Results will be available shortly after the auction closes at 11:30BST with a further GBP312.5mln nominal available to successful bidders through the PAOF.
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