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3.75% Jan-38 gilt

GILT AUCTION PREVIEW
  • The DMO will return to the market on Wednesday, looking to sell GBP2.75bln nominal of the 15-year 3.75% Jan-38 gilt.
  • This will be the second auction of the gilt following its syndicated launch in November.
  • The March auction saw a bid-to-cover of 2.41x and tail of 0.4bp from a nominal GBP2.5bln auction.
  • We would expect to see a decent auction today.
  • The 3.75% Jan-38 gilt will be on offer again on 25 July.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP687.5mln available to successful bidders via the PAOF.

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