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4.375% Jul-54 gilt

GILT AUCTION PREVIEW
  • The DMO will return to the market this morning to hold its first auction of the 30-year 4.375% Jul-54 gilt with GBP2.25bln on offer.
  • This follows a syndicated launch (GBP6.0bln in January) and syndicated tap (GBP6.75bln in April) with both seeing strong demand (books of GBP77.8bln and GBP91.5bln respectively).
  • Given these syndications we haven’t had a non-green 30-year auction since December.
  • We expect strong demand, but will be watching the tail with interest (noting that 25+ year auctions in 2024 have seen tails ranging from 0.3-1.3bp).
  • The 4.375% Jul-54 gilt will be reopened via auction again on 17 September.
  • Results will be available shortly after the bidding window closes at 10:00BST with a further GBP562.5mln available to successful bidders through the PAOF.

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