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Free AccessThe UK Debt Management.........>
GILT AUCTION PREVIEW: The UK Debt Management Office (DMO) re-open 5-year 0.75%
July 2023 Gilt Thursday for Stg3bln in size.
- BACKGROUND: The Jul-23 Gilt is scheduled to be tapped again in 1-month's time
and currently has Stg23.05bln outstanding and could be the penultimate auction
of this bond. There are no coupon or redemption due to support today's auction.
- RV: On an outright basis the Jul-23 Gilt yield has cheapened by around 6bps
since it last auction on Apr 4, but has rallied by nearly 10bps since last week.
The 5-yr sector has remained broadly unchanged with e 2s/5s/10s curve little
changed over the past month. On a cross market basis 5-yr Gilt has outperformed
USTs hitting new highs and also German Bobls but too a lesser extent. The Jul-23
has cheapened versus asset swaps by circa 2/3bps and also against other Gilts
near by. Spread vs Sep-22 has widened by 2bp and has tightened by 1bp vs Sep-23
in last 3-weeks
- HISTORY: Back on Apr 4, the DMO allotted Stg2.75bln at average yield of 1.094%
with cover of 2.19 times and tail of 0.1bp.
- TIMING: Results are due to be announced 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.