diff --git a/.bumpversion.cfg b/.bumpversion.cfg
index f4813a8f1..f0fbc4596 100644
--- a/.bumpversion.cfg
+++ b/.bumpversion.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 1.2.0
+current_version = 1.2.1rc1
 parse = (?P<major>\d+)
 	\.(?P<minor>\d+)
 	\.(?P<patch>\d+)
diff --git a/.changes/1.2.1-rc1.md b/.changes/1.2.1-rc1.md
new file mode 100644
index 000000000..636addab5
--- /dev/null
+++ b/.changes/1.2.1-rc1.md
@@ -0,0 +1,9 @@
+## dbt-redshift 1.2.1-rc1 - August 11, 2022
+### Features
+- backport changie to 1.2.latest ([#150](https://github.com/dbt-labs/dbt-redshift/issues/150), [#157](https://github.com/dbt-labs/dbt-redshift/pull/157))
+### Fixes
+- Backport fix to up redshift filename truncate limit all the way to 127 chars. ([#5586](https://github.com/dbt-labs/dbt-redshift/issues/5586), [#149](https://github.com/dbt-labs/dbt-redshift/pull/149))
+
+### Contributors
+- [@goodkat](https://github.com/goodkat) ([#149](https://github.com/dbt-labs/dbt-redshift/pull/149))
+- [@mquesta](https://github.com/mquesta) ([#149](https://github.com/dbt-labs/dbt-redshift/pull/149))
diff --git a/.changes/unreleased/Features-20220810-134336.yaml b/.changes/1.2.1/Features-20220810-134336.yaml
similarity index 100%
rename from .changes/unreleased/Features-20220810-134336.yaml
rename to .changes/1.2.1/Features-20220810-134336.yaml
diff --git a/.changes/unreleased/Fixes-20220810-130416.yaml b/.changes/1.2.1/Fixes-20220810-130416.yaml
similarity index 100%
rename from .changes/unreleased/Fixes-20220810-130416.yaml
rename to .changes/1.2.1/Fixes-20220810-130416.yaml
diff --git a/CHANGELOG.md b/CHANGELOG.md
index a3082ac36..e570c8855 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,19 +4,27 @@
 - Changes are listed under the (pre)release in which they first appear. Subsequent releases include changes from previous releases.
 - "Breaking changes" listed under a version may require action from end users or external maintainers when upgrading to that version.
 - Do not edit this file directly. This file is auto-generated using [changie](https://github.com/miniscruff/changie). For details on how to document a change, see [the contributing guide](https://github.com/dbt-labs/dbt-redshift/blob/main/CONTRIBUTING.md#adding-changelog-entry)
+## dbt-redshift 1.2.1-rc1 - August 11, 2022
+### Features
+- backport changie to 1.2.latest ([#150](https://github.com/dbt-labs/dbt-redshift/issues/150), [#157](https://github.com/dbt-labs/dbt-redshift/pull/157))
+### Fixes
+- Backport fix to up redshift filename truncate limit all the way to 127 chars. ([#5586](https://github.com/dbt-labs/dbt-redshift/issues/5586), [#149](https://github.com/dbt-labs/dbt-redshift/pull/149))
 
+### Contributors
+- [@goodkat](https://github.com/goodkat) ([#149](https://github.com/dbt-labs/dbt-redshift/pull/149))
+- [@mquesta](https://github.com/mquesta) ([#149](https://github.com/dbt-labs/dbt-redshift/pull/149))
 ## dbt-redshift 1.2.0 - July 26, 2022
 
 ### Features
 - Add grants to materializations ([#128](https://github.com/dbt-labs/dbt-redshift/issues/128), [#131](https://github.com/dbt-labs/dbt-redshift/pull/131))
 
+
 ### Under the hood
 - Lift + shift for cross-db macros ([#120](https://github.com/dbt-labs/dbt-redshift/pull/120))
 - Remove duplicated parts of unit test ([#100](https://github.com/dbt-labs/dbt-redshift/pull/100))
 
 ### Contributors
 - [@dbeatty10](https://github.com/dbeatty10) ([#120](https://github.com/dbt-labs/dbt-redshift/pull/120))
-
 ## Previous Releases
 For information on prior major and minor releases, see their changelogs:
 - [1.1](https://github.com/dbt-labs/dbt-redshift/blob/1.1.latest/CHANGELOG.md)
diff --git a/dbt/adapters/redshift/__version__.py b/dbt/adapters/redshift/__version__.py
index c203c5d89..4c65387be 100644
--- a/dbt/adapters/redshift/__version__.py
+++ b/dbt/adapters/redshift/__version__.py
@@ -1 +1 @@
-version = "1.2.0"
+version = "1.2.1rc1"
diff --git a/setup.py b/setup.py
index 982b17b70..1d47f7ba4 100644
--- a/setup.py
+++ b/setup.py
@@ -50,7 +50,7 @@ def _get_dbt_core_version():
 
 
 package_name = "dbt-redshift"
-package_version = "1.2.0"
+package_version = "1.2.1rc1"
 dbt_core_version = _get_dbt_core_version()
 description = """The Redshift adapter plugin for dbt"""