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GILT AUCTION PREVIEW: 4.125% Jul-29 gilt

GILT AUCTION PREVIEW
CEEMEABulletUKGlobalFixed Income BulletsRegionMarkets
  • The DMO will return to the market on Wednesday with GBP4.0bln of the 5-year 4.125% Jul-29 gilt on offer.
  • Volumes of bids have been consistently high with bid-to-covers ranging from 2.87-3.59x.
  • However the quality of those bids has been less convincing with a 0.9bp tail at each of the past three auctions.
  • We would not be surprised by a similar story at today’s auction.
  • We have another auction of the gilt in four weeks (29 October) before the final auction of the year on 17 December.
  • Timing: Results will be available shortly after the auction window closes at 10:00BST with a further GBP1.0bln available to successful bidders via the PAOF.
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  • The DMO will return to the market on Wednesday with GBP4.0bln of the 5-year 4.125% Jul-29 gilt on offer.
  • Volumes of bids have been consistently high with bid-to-covers ranging from 2.87-3.59x.
  • However the quality of those bids has been less convincing with a 0.9bp tail at each of the past three auctions.
  • We would not be surprised by a similar story at today’s auction.
  • We have another auction of the gilt in four weeks (29 October) before the final auction of the year on 17 December.
  • Timing: Results will be available shortly after the auction window closes at 10:00BST with a further GBP1.0bln available to successful bidders via the PAOF.