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3.75% Jan-33 gilt

GILT AUCTION PREVIEW
  • The DMO will launch its new 10-year 3.75% Jan-33 gilt this morning with GBP3.0bln on offer.
  • Through Q4-22 bid-to-covers ranged from 2.11-2.50x on auctions of the previous 10-year benchmark, the 1.00% Jan-32 gilt. At those auctions tails ranged from 0.3bp to 1.1bp.
  • We would expect to see healthy demand at the auction but the tail may be relatively wide.
  • We note that the launch auction of the 1.00% Jan-32 gilt in December 2021 saw a tail of 1.9bp.
  • The 3.75% Jan-33 gilt will be reopened on both 14 February and 14 March.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT with a further GBP750mln available to successful bidders through the PAOF.
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