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Strong short 5-year gilt auction

GILTS
  • A strong short 5-year gilt auction - as we had expected given the smaller size (GBP3bln versus GBP4bln so issuance doesn't overshoot the FY23/24 shorts target).
  • The price of the 4.50% Jun-28 gilt has hit its intraday high (102.190) following the publication of the results.
  • Note that this is the last time the 4.50% Jun-28 gilt will be sold ahead of the launch of the new 5-year gilt next month.
  • No impact on gilt futures from the auction.

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