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4.125% Jan-27 gilt

GILT AUCTION PREVIEW
  • The DMO will return to the market this morning with GBP3.75bln of the 4.125% Jan-27 gilt on offer.
  • This will be the seventh auction of the gilt which was launched in October, and the largest auction to date (with most auctions having been for GBP3.5bln with the exception of a smaller December auction of GBP3.25bln).
  • Bid-to-covers have ranged from 2.08-2.36x (2.27x at the 22 March auction) with tails ranging from 0.4-0.8bp (0.5bp at the March auction). The only short-dated auction so far this fiscal year (of the 0.50% Jan-29 gilt on 5 April) saw a tail of 0.2bp.
  • We would expect to see the tail at today’s auction to be towards the tighter end of the range. The 4.125% Jan-27 gilt will be reopened on 17 May.
  • Timing: Results will be available shortly after the auction closes at 11:30BST with a further GBP937.5mln available to successful bidders through the PAOF.
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