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Slightly disappointing green gilt auction

GILT AUCTION RESULTS
  • Despite a 0.7bp tail (which is tighter than the last 10-year green gilt auction that was in December), and also in spite of a healthy 3.52x bid-to-cover, the lowest accepted price at the 0.875% Jul-33 Green Gilt auction was below the prevailing secondary market price as the auction closed.
  • So we have seen a marginally bigger move lower in this gilt than in other similar maturity gilts (although the trend for all gilts in the past 15 or so minutes has been lower).
  • We would describe this as a slightly disappointing auction overall.
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