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3.75% Mar-27 Gilt

GILT AUCTION PREVIEW
  • The DMO will return to the market this morning to launch its new long 3-year 3.75% Mar-27 gilt with GBP4.0bln on offer.
  • This issue will replace the 3.50% Oct-25 gilt as the shortest on-the-run gilt and complement the 4.50% Jun-28 gilt in the short-dated sector of the curve.
  • Bid-to-covers for short-dated gilts have been between 2.36-2.61x over the last quarter with tails being relatively wide (between 0.9-2.0bp).
  • Particularly as this is a launch auction, we expect we may see another wide tail today (despite yesterday's strong 20-year auction).
  • Timing: Results will be available shortly after the auction closes at 10:00GMT with a further GBP1.0bln available to successful bidders via the PAOF.
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