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Free AccessToday sees the DMO come to.....>
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.
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.