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3.75% Jan-38 auction

GILT AUCTION PREVIEW
  • The DMO will come to the market this morning to sell GBP3.0bln of the 15-year 3.75% Jan-38 gilt.
  • This will be the third auction of the gilt since it moved to the DMO’s medium bucket (with the launch initially via syndication when the gilt was in the long bucket in November).
  • The two auctions have been for smaller nominal amounts than on offer this week – with GP2.5bln on offer in March and GBP2.75bln a month ago. Bid-to-covers were 2.41x and 2.26x respectively with tail of 0.4bp and 0.3bp.
  • The market will be closely watching the tail of the auction with both last week’s 3.75% Oct-53 and 4.50% Jun-28 gilt auctions having seen tails in excess of 2bp. The nominal size of today’s auction is also slightly larger than the previous auctions – which may lead to a slightly wider tail.
  • However, concerns may be slightly alleviated by the long-dates APF sales operation on 24 July which saw decent participation with the highest bid-to-cover of a long-dated op since March.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP750mln available to successful bidders through the PAOF.
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