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New 4.00% Oct-31 gilt

GILT AUCTION PREVIEW
  • The DMO will return to the market this morning to launch the new 7-year 4.00% Oct-31 gilt for GBP4.0bln.
  • There has not been a gilt launched with a 7-year maturity since September 2021 when the 0.50% Jan-29 gilt was first issued (and that gilt hasn’t been reopened since April).
  • There is therefore little to directly compare this auction against, and hence there is probably a bit of a risk that we see a slightly wider tail than usual on launch if there is more uncertainty surrounding the quality of the demand and the price.
  • The closest comparable gilt more recently issued would be the 4.50% Jun-28 gilt which was some variable tails through H2-23 auctions.
  • 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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