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GILT AUCTION RESULTS: Fairly Weak 5-year Auction

GILT AUCTION RESULTS

The GBP4bn 4.125% Jul-29 gilt auction was quite weak, with a 2.87x bid-to-cover ratio, a 0.9bp tail and a lowest accepted price of 101.167 falling short of the pre-auction mid at 101.195. 

  • The previous re-opening on July 17 also registered a 0.9bp tail, but saw a stronger bid-to-cover ratio of 3.1x. 
  • Prior to today’s re-opening, the Jul-29 Gilt had averaged a bid-to-cover of 3.28x, and a yield tail of 0.65bp. 
  • More broadly, today’s 2.87x bid-to-cover was the lowest among Gilts within the 3-7-year maturity bucket since January this year (2.86x for the 4.50% Jun-28). The December 2023 auction of the 4.50% Jun-28 Gilt also saw a 2.53x cover.
  • The reaction in Gilt futures has been fairly contained though, just a few ticks below pre-auction levels.
CEEMEABulletUKGlobalFixed Income BulletsRegion
CEEMEABulletUKGlobalFixed Income BulletsRegion

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