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DMO Consultation: Linkers

  • Syndication: There was support among both investors and GEMMs for a linker syndication with GEMMs noting this should be in place of one of the scheduled linker auctions. Most investors preferred a new 2051 maturity linker while GEMMs preferred either a new 2051 or a new linker in the 15-30 year area of the curve. Both GEMMs and investors also mentioned potential candidates as 0.125% Aug-41 and 0.125% Aug- 48 while GEMMs mentioned the 0.125% Nov-56.
  • Auctions: There was support for a new 10-year linker with GEMMs preferring a maturity of 2030-2033 and investors preferring 2031 (or if not 2033). In other candidates both GEMMs and investors mentioned 1.125% Nov-37, 0.125% Aug-41, and 0.125% Nov-56. In addition, GEMMs mentioned 0.125% Nov-36, 0.125% Aug-48 while investors mentioned 0.125% Mar-29, 0.125% Mar-46, 0.125% Mar-58 and 0.125% Mar-68.
  • Tender: "A few GEMMs and investors recommended a tender of an index-linked gilt to help meet emerging demand following the publication of the response to the consultation on reform to RPI methodology. It was noted that the scheduling of any tender would result in marginally less index-linked supply via auction in Q4 2020-21."

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