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0.625% Mar-45 linker tap likely today

GILT SYNDICATION
  • A syndicated tap of the 0.625% Mar-45 linker will likely be held today.
  • This will be the first reopening since the launch via syndication on 26 April. That transaction saw GBP4.5bln nominal issued with books of GBP46.4bln.
  • The previous syndication saw the spread set at 0.125% Mar-44 linker + 3.75bp and saw 93% of the allocation taken up by the UK domestic market.
  • We would expect a smaller syndication than April with the DMO’s issuance plans seeing three linker syndications this year raising a total of GBP9.0bln – of which around half was raised in the previous syndication.
  • However, we think if demand remains robust this week that we could still see a transaction of GBP3.0-4.0bln nominal.
  • In terms of timing the April transaction saw books open at 9:00, close an hour later with the size set at 10:32 and the price at 12:34 (all times UK).

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