Newsquawk Daily Bond Auction Preview - 11th November 2026

Previews of UK, EU and US government bond auctions including the size of issuance, time of the auction(s), estimates, redemptions, coupons and analyst commentary.

Analysis:

• Given that this is a tender and the small amount on offer, this should pass without issue.

Recent History:

• b/c 3.76x, average yield 4.272%

Results due shortly after the 10:00GMT bidding deadline

Analysis:

• A relatively small amount is on offer for this outing, so the sale should pass without issue.
• However, the yield on offer is at a discount to that on the secondary market (20-yr at 3.59% and 30-yr at 3.60%). This may prove to be a friction point for investors, and limit demand for the sale.

Recent History:

• b/c 2.50x, average yield 3.80%, retention 23.9%
• b/c 1.40x, average yield 3.80%, retention 25.3%

Results due shortly after the 10:30GMT bidding deadline

Auction previews of this kind are a routine fixture, and the supply described is modest by the standards of both issuers, so the base case in comparable episodes is an uneventful pass. Small Gilt tenders have historically cleared without difficulty; the line that matters at the desk is the cover ratio and tail versus the recent comparable sales, and any deviation from the established cover range is the tell. The German leg carries the more interesting dynamic: long-dated Bund sales where the coupon yield is offered at a discount to prevailing secondary market levels have, on previous occasions, seen demand thin at the margin, with the signal showing up in the bid-to-cover, the retention share, and the size of the tail rather than in outright failure. Retention in recent outings of this type has run at a meaningful share, a pattern that tends to flatter headline cover and is worth netting out when judging genuine demand. The usual sequence is a brief concession into the bidding window and a snap-back or extension depending on the tail, with the long end of the Bund curve the transmission point given the maturities on offer. Follow-ons are the size of any concession required to clear the German supply and whether the results feed into positioning ahead of the next round of euro-area duration supply.