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New 3.50% Oct-25 gilt

GILT AUCTION PREVIEW
  • The DMO will launch its new 3-year 3.50% Oct-25 gilt on Tuesday with GBP4.0bln nominal on offer.
  • This will be the largest auction in nominal terms since January 2016.
  • The gilt will replace the 0.25% Jan-25 gilt as the shortest maturity on-the-run gilt.
  • Recent auctions of the 0.25% Jan-25 gilt ranged between GBP3.0-3.5bln in nominal terms in 2022 with all 2022 auctions seeing the gilt sold below par. Tails were also relatively large in 2022, ranging from 0.5-2.5bp (mean of 1.4bp) with 1.8bp seen in November and 1.5bp in December.
  • We would expect a relatively wide tail at this week’s auction, particularly given the large auction size but note that the new 10-year 3.25% Jan-33 gilt launched last week saw tighter tails than the 1.00% Jan-32 gilt had seen in its November and December auctions.
  • Bid-to-cover ratios ranged from 1.89x-2.57x in 2022.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT with a further GBP1.0bln available to successful bidders via the PAOF.
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