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Smooth 50-year tender

GILT AUCTION RESULTS
  • A smooth tender result for the 50-year 1.125% Oct-73 gilt with a tight tail and decent premium to the prevailing market price (LAP 35.027).
  • The 1.125% Oct-73 gilt hit an intraday high of 35.006 on the publication of the results (back to 34.94 at writing, broadly in line with the pre-auction mid-price).
  • However, we do note that this was a small size - only just over GBP260mln in cash terms.

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