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Tender: 0.625% Jun-25 gilt

GILT AUCTION PREVIEW
  • The DMO will come to the market this morning in the first gilt tender since 2020 with GBP1.5bln of the off-the-run 0.625% Jun-25 gilt on offer.
  • The closest comparable gilt on offer in recent months has been the 0.25% Jan-25 gilt, which has seen auctions of GBP3.25bln, GBP3.00bln and GBP3.50bln in March, June and July respectively. The auctions this year have seen bid-to-covers range from 1.91x-2.53x with tails of 2.5bp, 1.0bp and 0.5bp respectively.
  • There is GBP42.1bln of the 0.625% Jun-25 gilt outstanding, but GBP28.8bln nominal of this is held by the BOE and a further GBP0.6bln by the government, leaving just GBP12.7bln in private hands. This is notably less than the GBP18.3bln in private hands of the 0.25% Jan-25 gilt.
  • Note that the 0.625% Jun-25 gilt will not be eligible for the BOE's active gilt sales programme, as it has a residual maturity of less than 3 years. Instead under current policy the Bank's holdings will pacifly run-off at maturity.
  • Unlike auctions, there are no PAOFs associated with gilt tenders.
  • Timing: Results will be available shortly after the tender operation closes at 10:00BST.
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