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4.625% Jan-34 gilt

GILT AUCTION PREVIEW
  • The DMO will come to the market this morning to sell GBP3.75bln nominal of the 10-year 4.625% Jan-34 gilt.
  • This will be the sixth auction of the gilt (with all auctions for GBP3.75bln except the additional auction on 19 December which was for GBP3.0bln).
  • Demand for the gilt has remained strong with bid-to-covers ranging from 2.84-3.12x since launch.
  • Tails have generally been in the 0.4-0.6bp area but last month’s auction saw a wider 1.0bp tail.
  • Note that we expect 2-3 auctions of the 4.625% Jan-34 gilt in FQ1 (the DMO noted in its consultation agenda it planned to hold at least one).
  • Following this morning's softer-than-expected labour market report, yields on the 4.625% Jan-34 gilt have touched their lowest levels since 2 February.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT.
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