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GILT AUCTION PREVIEW: Today sees the DMO come to the market to sell Stg3.00bln
nominal of the 0.625% Jun-25 gilt.
- This will be the fourth auction of the gilt after it was launched in July with
the issue starting to become recognised as the new 5-year benchmark (much like
the 0.875% Oct-29 is starting to be recognised as the new 10-year benchmark).
- The three previous auctions have all been for Stg3.00bln with the full PAOF
proceeds taken in the first auction, leaving a nominal Stg9.4bln outstanding.
- Bid-to-cover has generally been around 2x with a tail of 0.7bps at the first
two auctions which rose to 0.8bp at the previous auction in September.
- The yield on the previous auction was 0.225%, less than half of the prevailing
0.540% yields seen at the time of writing.
- Results are expected shortly after 10:30BST.