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0.50% Oct-61 syndication preview

GILTS
  • The 0.50% Oct-61 gilt is due to be sold by syndication this week in what will be the fifth gilt syndication in just over four months. The syndication will probably take place tomorrow.
  • The first four syndications have seen new gilts launched (including the 0.50% Oct-61 gilt that was launched in May for GBP7.0bln). Demand at all of the syndications has been very strong with orderbooks for each of the transactions totalling over GBP50bln.
  • We would expect the size of the syndication to be slightly smaller than the GBP7.0bln launch size and look for something in the region of GBP4.5-6.5bln.
  • We note that the 0.50% Oct-61 gilt traded at a 1-2bp premium to the 4.00% Jan-60 gilt between its launch and 15 July. On 16 July the DMO announced that it would be holding two gilt syndications before the end of November and the premium to the 4.00% Jan-60 fell out of the 1-2bp range to end the day at a 0.36bp premium. Since then it has traded between this level and a 1.0bp premium.
  • We would expect to see a reversion to a broad 1.0-1.5bp premium following this week's syndication.
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