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Free AccessMNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday
The 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
this week but a Stg35bln redemption on 7 March that either gets reinvested by
the market or by the Bank of England from Mar 12. Domestic political risks are
elevated.
- RV: Outright, the Gilt 0.75% 2023 yield clearly broke above 1.0% level over
the past month and currently sits at 1.17%. Switches from shorter maturity debt
like the 5Y benchmark 0.5% Jul-22 do not look particularly attractive at present
at 14.8bp, in part because the Gilt curve has shown few trends lately. There is
a very attractive looking spread against 5Y Germany or almost any other EGBs
following the recent re-rating of BoE rate hike risks.
- HISTORY: At the last tap on Jan18, the DMO sold Stg2.5bln total at an average
yield 0.993%, bid-to-cover ratio 2.07 times and it tailed 0.2bps.
- RESULTS: Auction results are due around 1035GMT.
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.