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Free AccessThe UK Debt Management.........>
GILT AUCTION PREVIEW: The UK Debt Management Office (DMO) taps Stg950mmln of the
0.125% Mar-2036 index-linked Gilt on Wednesday.
- BACKGROUND: The DMO currently does one linker tap per month and the Stg0.95bln
being sold is a fairly normal size.
- RV: The issue currently offers a -1.593% real yield, compared to -1.66% 1Y
average. Real yields are not generous in the UK and the 2036 breakeven inflation
rate is also at its highest since May. Furthermore, the real yield curve has
flattened such that the spread between the UKTI 0.125% Mar-26 and UKTI Nov-36 is
at its flattest since the 2036 was first issued in March. It is difficult to
make this security look cheap to almost anything.
- HISTORY: At the last tap of this 2036 I/L Gilt issue on May 23, the DMO sold
Stg0.85bln at an average yield of -1.783%, with a bid-to-cover ratio of 2.17
times.
- RESULTS: Auction results are due at around 0935GMT.
To read the full story
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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.