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#2: 1.75% Jul-57

GILT AUCTION PREVIEW
  • Issuance for the month will conclude tomorrow, ahead of Wednesday's Spending Review.
  • GBP1.25bln of the 1.75% Jul-57 gilt will be on offer and will bring total issuance for the April to November period to somewhere in the GBP393-394bln region, depending on PAOF proceeds.
  • Demand for the 1.75% Jul-57 gilt has not always been strong with auctions in July and August seeing tails of 1.0bp and 0.6bp respectively.
  • However, we note that since September every 30+ year auction has seen a tail of 0.1-0.3bp with healthy bid-to-covers in excess of 2x.
  • RESULTS: Results will be available shortly after the auction closes at 11:30GMT with a further GBP312.5mln nominal available to successful bidders through the PAOF.
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