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  • Initial tender results out - its bumped total size from £1b to £1.2b which should see all participating bonds in the two £ & € lines taken out before moving to $ lines.
  • The € 2045 line only has €160m put forward vs. outstanding €600m. Most other lines saw closer to ~50% take-up on offer.
  • As mentioned then, co targeting low cash prices (tender lines outlined below) is a negative for € short-end/belly curve (that is struggling including on recent supply) - particularly given skew to £ (and now given take-up results) $ lines.

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  • Initial tender results out - its bumped total size from £1b to £1.2b which should see all participating bonds in the two £ & € lines taken out before moving to $ lines.
  • The € 2045 line only has €160m put forward vs. outstanding €600m. Most other lines saw closer to ~50% take-up on offer.
  • As mentioned then, co targeting low cash prices (tender lines outlined below) is a negative for € short-end/belly curve (that is struggling including on recent supply) - particularly given skew to £ (and now given take-up results) $ lines.