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New 0.50% Jan-29

GILT AUCTION PREVIEW
  • The DMO will kick off September funding tomorrow with GBP2.5bln of the new 7-year 0.50% Jan-29 gilt on offer.
  • This will only be the second issue of a 7-year gilt in the current fiscal year.
  • The previous 7-year benchmark, the 0.125% Jan-28 gilt, launched in June 2020 and reopened 7 times between July 2020 and January 2021 before moving into the short-dated bucket and only being reopened once more on 15 June for GBP2.75bln.
  • That auction saw a bid-to-cover of 2.50x and a tight tail of 0.1bp.
  • We would expect a strong bid-to-cover at this week's auction, but the bid-to-cover could be a bit wider.
  • Timing: Results will be available shortly after the auction closes at 10:00BST with a further GBP625mln available to successful bidders through the PAOF.
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