DAILY BOND AUCTION PREVIEW: UK GBP 1bln 0.125% March 2026 I/L Auction

AUCTION PREVIEW: ECB 7-Day MRO

Last week the ECB announced that EUR 2.844bln was allotted in its 7-day MRO operation. Results are usually published around 1030GMT.

 

AUCTION PREVIEW: UK GBP 1bln 0.125% March 2026 I/L Auction

The line has historically produced solid results. The last tap on August 8 was solid with a b/c of 2.94. The tap prior to this on June 27 had a strong b/c of 3.10.

Indications are that this auction should also deliver a smooth sale. Since the last tap, the breakeven is slightly higher than the last tap at 310bp so there is a small degree of natural concession to be had. The curve also offers some incentive on a RV basis where the stock is trading 3bp to 4bp cheap on an inverted basis to the 0.125% 2024 and 1.25% 2027 fly.

Bids must be submitted by 10:30 GMT, results are due shortly after.

21 Nov 2017 - 07:37- Fixed IncomeResearch Sheet- Source: RANsquawk

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