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4.375% Jul-54 tap

GILT SYNDICATION
  • A syndication for the 30-year on-the-run gilt, the 4.375% Jul-54 is due today (as always, subject to market conditions).
  • The gilt was originally launched via syndication in January, seeing GBP6.0bln sold from strong books of GBP77.8bln.
  • There is GBP13.5bln in the DMO’s FY24/25 issuance plan for the three long syndications, although this is often upsized if there is strong demand, taking from the GBP10bln unallocated bucket. At prevailing market prices, this would suggest a minimum transaction size of GBP4.75bln (to take a third of the long syndication bucket) but with the possibility of upsizing the transaction to GBP6.0bln (or possibly even higher if there is very strong demand).
  • Other than the auction for the 1.50% Jul-53 green gilt on 15 May there is no other 30-year gilt issuance planned this quarter, and so we do expect to see strong demand at this week’s transaction.
  • We would then expect 2-3 auctions of the 4.375% Jun-54 gilt in the next fiscal quarter (July to September).
  • Books are expected to open at either 8:30BST or 9:00BST.
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