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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.
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Free AccessThe UK Debt Management.........>
GILT AUCTION PREVIEW: The UK Debt Management Office (DMO) taps the 6Y Gilt 0.75%
2023 Gilt Thursday for Stg2.75bln.
- BACKGROUND: There are no coupons or redemption payments in the Gilt market for
quite some time. The next Gilt supply arrives on Nov 16 with a 10Y tap.
- RV: Outright, Gilt yields are generous compared to the past year, thanks to a
BoE rate hike, but the past week has seen a decent rally in the Gilt market. The
5Y Ger-UK spread is 107bp and is close to the highest since June 2016. Switches
from shorter maturity debt, like the 5Y benchmark 0.5% Jul-22 do not look
particularly attractive at present.
- HISTORY: At the last tap on Aug 23, the DMO sold Stg2.75bln total at an
average yield 0.906%, bid-to-cover ratio 2.36 times and a 0.2bp tail.
- RESULTS: Auction results are due around 1035BST.
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.