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GILT AUCTION PREVIEW: GBP3bln 3.75% Jan-38 gilt auction

GILT AUCTION PREVIEW
  • The DMO will return to the market on Wednesday with GBP3.0bln of the short 15-year 3.75% Jan-38 gilt on offer. 
  • This gilt was launched via syndication in November 2022 and has been reopened via auction broadly quarterly since (although the last auction was some time ago on 4 January). 
  • The January auction was the strongest to date with a bid-to-cover of 3.36x and a tail of 0.2bp.
  • The 2023 auctions saw bid-to-covers range between 2.26-2.97x with tails from 0.3-1.1bp.
  • Monday's medium-dated APF sales operation was a lot softer than the past couple of medium-dated operations but not notably different from operations seen around 3 months ago. As such, we don't expect a greater-than-usual focus on today's auction.
  • GBP750mln of this gilt will be available at the PAOF, with results due at 1300BST.  
  • Note that the 3.75% Jan-38 gilt will be reopened again on 13 August.
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