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3.75% Oct-53 Gilt

GILT AUCTION RESULTS
  • The DMO will come to the market this morning to sell GBP2.75bln of the 30-year 3.75% Oct-53 gilt.
  • Note that the DMO has announced that it plans to hold a syndication for a new 25-35-year gilt in January. There are current coupon gaps around the 2048 and 2058 areas, but equally the DMO could choose to launch a new 2054 gilt given that the size of the 3.75% Oct-53 gilt will exceed GBP25bln following this week’s auction. If a new 30-year gilt is launched this may well be the last auction of the 3.75% Oct-53 gilt for some time.
  • Every auction for the 3.75% Oct-53 gilt since its launch has seen a bid-to-cover of at least 2.3x but tails have been a bit more variable (up to 2.2bp in July). However, the last auction on 17 October saw a 0.8bp tail, with a bid-to-cover of 2.60x (the highest since March).
  • Timing: Results will be available shortly after 10:00GMT with a further GBP687.5mln available to successful bidders at the PAOF.
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