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MNI: US MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

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AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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GILT AUCTION PREVIEW: 4.00% Oct-31 gilt

GILT AUCTION PREVIEW
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets
  • The DMO will return to the market this morning with GBP3.75bln of the 7-year 4.00% Oct-31 gilt on offer.
  • Auctions for this gilt have seen varying success. Bid-to-covers have all been solid (2.97-3.29x range). However tails have been less consistent: the launch in February saw a 2.2bp tail, the reopening in April 1.4bp but the July reopening a much tighter 0.3bp.
  • There are two auctions of this gilt scheduled in the next fiscal quarter, in three weeks (16 October) while the gilt is still in the medium-dated bucket and then again on 4 December when it has transitioned to the short-dated bucket.
  • Given the variable nature of the tails in previous auctions and another auction in three weeks time we are less confident than we would otherwise have been regarding the success of this week’s auction.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP937.5mln available to successful bidders through the PAOF.
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  • The DMO will return to the market this morning with GBP3.75bln of the 7-year 4.00% Oct-31 gilt on offer.
  • Auctions for this gilt have seen varying success. Bid-to-covers have all been solid (2.97-3.29x range). However tails have been less consistent: the launch in February saw a 2.2bp tail, the reopening in April 1.4bp but the July reopening a much tighter 0.3bp.
  • There are two auctions of this gilt scheduled in the next fiscal quarter, in three weeks (16 October) while the gilt is still in the medium-dated bucket and then again on 4 December when it has transitioned to the short-dated bucket.
  • Given the variable nature of the tails in previous auctions and another auction in three weeks time we are less confident than we would otherwise have been regarding the success of this week’s auction.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP937.5mln available to successful bidders through the PAOF.