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DMO consultation agenda (2/3)

GILTS

Longs (4 auctions)

  • 1.50% Jul-53 Green: 1 auction expected by the DMO.
  • No more clarity on other gilt auctions but MNI expects the following:
  • 3.75% Jan-38: Potential reopening in January before it drops down to the medium bucket.
  • 0.875% Jan-46: Potentially 1 auction.
  • 1.25% Jul-51: Potentially 2 auctions (if a new 40-year gilt is chosen to be launched via syndication).
  • New 30-year gilt: There is also a potential that a new 30-year gilt could be launched via auction. If the new 30-year gilt is launched via syndication, we would expect at least 1 reopening in the quarter.
  • 0.50% Oct-61: 1 auction if a new 30-year gilt is chosen for syndication.
Syndication: No further information provided by the DMO today. MNI pencils in the W/C 23 January for the final long syndication of the year. We look for a GBP5.0bln size and expect either a new 30-year or 40-year gilt. The 1.25% Jul-51 gilt and the 0.50% Oct-61 gilt both have low coupons versus current conditions. There is a gap in the curve between the 0.50% Oct-61 gilt and the 2.50% Jul-65 gilt (which isn’t present around the 30-year area), but the DMO may err on the side of caution and prefer the shorter-duration 30-year area of the curve.
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