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10s30s steepens further as syndication continues

GILTS
  • The 10s30s curve has surpassed yesterday's highs and currently trades at 53.9bp (55.1bp high earlier today on the announcement that the 30-year green gilt syndication would go ahead).
  • Books are GBP19bln after being open for 30 mins. We are obviously in a different world to when the green gilt launched last year - but books after 30 minutes then were in excess of GBP48bln (so books are about 60% lower than at this point last October.)
  • Also note that these are nominal book sizes - the 1.50% Jul-53 Green Gilt is currently trading around 45 (so less than half of par).
  • When the syndication is over, 30-year gilts may breathe a sigh of relief, but at present they are over 5% and at levels not seen since 1998.
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