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#2: 1.75% Jul-57

GILT AUCTION PREVIEW
  • The 1.75% Jul-57 gilt will also be sold tomorrow with GBP1.25bln available.
  • The last two auctions of the gilt in October and November saw strong demand with bid-to-covers of 2.41x and 2.49x respectively, tails of 0.2bp and 0.1bp and the full PAOF proceeds taken up in both auctions.
  • These auctions followed a couple of weaker auctions in July and August.
  • The 1.75% Jul-57 gilt is not due to be sold again this fiscal year but both the 1.625% Oct-54 and the 0.50% Oct-61 gilts will be on offer in March.
  • Timing: Results will be available shortly after the auction closes at 11:30GMT with a further GBP312.5mln available to successful bidders via the PAOF.

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