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3.75% Oct-53 gilt

GILT AUCTION PREVIEW
  • The DMO will kick off gilt issuance for June this morning with GBP2.5bln of the 30-year 3.75% Oct-53 gilt on offer.
  • The gilt was first launched via syndication on 24 January for GBP6.0bln and has been reopened via auction twice since – with both auctions being strong.
  • On 21 March GBP2.0bln was sold with a bid-to-cover of 2.71x and a tail of 0.1bp while on 18 April GBP2.25bln was sold with a bid-to-cover of 2.50x and a tail of 0.2bp.
  • This week’s auction will mark a slightly larger nominal size at GBP2.5bln but in cash terms it is a similar size to the April auction.
  • We expect this week’s auction to see continued strong demand.
  • The 3.75% Oct-53 gilt will be on offer again on 18 July and 19 September while the 30-year green equivalent, the 1.50% Jul-53 green gilt, will be available on 4 July.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP625mln available to successful bidders through the PAOF.
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