MNI BRIEF: Inflation Risks Now Shifted To Downside-BOE Ramsden

MNI: Goolsbee Says Stalled Inflation Means Wait Before Moving

MNI China Daily Summary: Friday, April 19

MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: BAKER HUGHES US RIG COUNT 619; OIL RIGS 511; GAS RIGS 106

EZ/UK Bond Supply Calendar: EU, UK Synd W/C 22 Apr, BoE APF Mon

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

30-year 3.75% Oct-53 gilt

GILT SYNDICATION
  • The DMO will launch its new 30-year 3.75% Oct-53 gilt via syndication this week (most likely on Tuesday).
  • There is GBP5.0bln left in the DMO’s issuance plan allocated to the transaction, but there is also a GBP1.5bln unallocated portion of issuance that could see the size of the transaction rise to GBP6.0bln (fairly likely) or even GBP6.5bln (a bit less likely in our view).
  • The 3.75% Oct-53 gilt will replace the 1.25% Jul-51 gilt as the on-the-run 30-year gilt. The 1.25% Jul-51 gilt was launched via syndication in April 2021 with GBP6.0bln sold from books of GBP69.4bln. Each reopening since has been via auction with all auctions seeing a bid-to-cover in excess of 2x, with 2.10x seen in December and 2.13x in October.
  • We would expect a relatively strong syndication, particularly given the BOE has successfully unwound its Financial Stability Portfolio quicker than most analysts (and probably the BOE themselves) expected.
  • Note that the 3.75% Oct-53 gilt will be reopened via auction on 21 March and ahead of that we will have the first long-dated APF sales operation next week (30 January) as well an auction of the 1.50% Jul-53 green gilt on 22 February.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.