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Relatively strong gilt auction

GILT AUCTION RESULTS
  • That was a relatively strong 3.75% Jan-38 gilt auction with the LAP above the pre-auction mid-price even when taking into account the move lower into the auction cutoff time.
  • The tail of 0.4bp was tight - we have only seen a tighter tail once in 2023 at a gilt auction while the last gilt auction with a maturity in excess of 10-years with a tail of 0.4bp was on 1 September, before the government-induced market turmoil.
  • Despite the relatively strong auction, the market price of the 3.75% Jan-38 gilt has moved lower post-auction.

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