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4.50% Jun-28 Gilt

GILT AUCTION PREVIEW
  • The DMO will return to the market this morning to sell GBP4.0bln of the short 5-year 4.50% Jun-28 gilt.
  • Previous auctions of this gilt have ranged in size from GBP3.75-4.00bln with bid-to-covers ranging from 2.19-2.53x with monthly auctions since the June launch (except in August).
  • However, tails have been more wide ranging – from 0.6bp to 2.1bp (with the median at 0.9bp).
  • Gilt auctions have been very strong auctions so far this calendar year (every gilt auction has seen a bid-to-cover of at least 3.0x with bid-to-covers ranging from 3.04-3.62x) and three auctions seeing 0.2bp tails with one auction seeing a 0.6bp tail. And yesterday's syndication book for the new 30-year gilt was the third largest on record.
  • We therefore look for another strong auction today.
  • The 4.50% Jun-28 gilt will be on offer again on 21 February and 26 March.
  • Timing: Results will be available shortly after 10:00GMT with a further GBP1.0bln available to successful bidders through the PAOF.
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