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0.625% Jul-35 Syndication Preview

GILTS

The DMO will launch its seventh new gilt issue of the fiscal year today with the 15-year 0.625% Jul-35 gilt to be sold via syndication. Books are due to open at 8:30BST.

  • This will be the fourth syndication of the fiscal year following the GBP12bln 0.375% Oct-30 gilt and GBP7bln 0.50% Oct-61 syndications in May and the GBP9bln 0.625% Oct-50 syndication in June. The 15-year segment of the curve sees perhaps less natural demand than the other maturities and the DMO has generally reduced auction sizes since their peak. For these reasons we suspect that the size of the syndication will be the smallest so far this fiscal year, but we still expect decent demand with a deal size of GBP5-8bln.
  • Joint bookrunners for the deal are BofA Merrill Lynch, Citi, JP Morgan, Lloyds and RBC.
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