MNI BRIEF: BOI Sees "Modest" Q2 EZ Growth Driven By Services

MNI China Daily Summary: Friday, July 12

MNI BRIEF: China June M2 SlowsTo Record Low For Third Month

MNI BRIEF: China Steel Export Growth Slows In June

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

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

MNI: BAKER HUGHES US RIG COUNT 584; OIL RIGS 478; GAS RIGS 100

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.10B BSL

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

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

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

DMO consultation feedback on 3-4 linker auctions, 0-1 syndication

GILTS
  • Syndication: Around half of GEMMs supported a linker syndication in the quarter while there were "mixed views" from investors with a number of investors preferring a linker syndication in FQ4 rather than FQ3. In terms of maturities GEMMs mentioned a new 30-year (potentially 2054) while both GEMMs and investors mentioned 2073. GEMMs also mentioned the 2045 while investors mentioned 2039 and 2051.
  • 0.75% Nov-33 linker: GEMMs and investors supported at least one auction of the on-the-run 10-year linker with "a majority of GEMMs" and "a few" investors supporting two reopenings. MNI pencil in 1-2 reopenings in FQ3.
  • 0.125% Mar-39 linker: Recommended for a reopening by the majority of GEMMs and among the range of linkers mentioned by investors.
  • 0.125% Mar-51 linker: Recommended for a reopening by the majority of GEMMs and among the range of linkers mentioned by investors.. MNI noted that assuming that there is not a new 30-year gilt launched via syndication in the quarter, we look for 1-2 reopenings of the 0.125% Mar-51 linker.
  • Other linkers: Investors also mentioned reopenings of the 0.125% Aug-31 linker, the 0.625% Mar-45 linker and the 0.125% Mar-73 linker. Although, we note that the DMO has not sold an issue with a longer maturity than the 0.125% Mar-51 at auction since September 2021.
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

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.