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4.125% Jan-27

GILT AUCTION PREVIEW
  • The DMO will look to sell GBP3.25bln of its short 5-year 4.125% Jan-27 gilt at the first of its auctions on today.
  • This will be the third auction of the gilt after it was launched on 12 October for GBP3.50bln with a bid-to-cover of 2.08x and tail of 0.8bp. It was then reopened on 10 November, again for GBP3.50bln, with a bid-to-cover of 2.30x and a tail of 0.4bp. Both auctions have seen all of most of the PAOF proceeds taken up, too.
  • We would expect to see this week’s auction have a similar bid-to-cover/tail to the November auction, and we note that yesterday's BOE short-dated APF operation had the highest bid-to-cover since the opening operation.
  • The 4.125% Jan-27 gilt will be on offer again on 5 January, 7 February and 15 March.
  • Timing: Results will be available shortly after 10:00GMT with a further GBP812.5mln available to successful bidders through the PAOF.
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