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3.75% Oct-53 gilt

GILT AUCTION PREVIEW
  • The DMO will come to the market this morning with GBP2.25bln of the 30-year 3.75% Oct-53 gilt on offer.
  • The gilt was launched via syndication in January seeing GBP6.0bln issued from books of GBP68bln before being reopened on 21 March for GBP2.0bln with a bid-to-cover of 2.71x and tight tail of 0.1bp (today’s auction is therefore slightly larger although the majority of the PAOF was taken up in March).
  • In general long-dated gilt auctions have been well received over the past few months with each auction since November seeing a bid-to-cover of at least 2.1x (at least 2.4x in 2023) with fails no exceeding 0.7bp since November (with the last two long-dated auctions seeing tails of 0.1bp and 0.2bp respectively).
  • We would expect another successful auction this week. Note that the 3.75% Oct-53 gilt is due to be reopened again on 6 June.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP562.5mln available to successful bidders through the PAOF.
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