MNI BRIEF: ECB Should Be Close To 2% In Next Quarters -Centeno

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI China Daily Summary: Friday, December 13

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI: US NOV IMPORT PRICES +0.1%

MNI: CANADA Q3 INDUSTRIAL CAPACITY UTILIZATION RATE 79.3%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.