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DMO consultation minutes: Syndications

GILTS
  • Linker: GEMMs "virtually unanimous support" for reopening of the 30-year 1.25% Nov-54 Linker. This was in line with our expectations and "suggested by most" investors - with other preferring a new 2035 maturity.
  • Long conventional: GEMMs were divided between a new 25-year (2048/2050) gilt and a tap of either a 4.375% Jul-54 gilt / 4.00% Oct-63 gilt with isolated calls for a new 15-year gilt. Investors "generally recommended" a new 25-year gilt (and preferred a 2048 maturity). "However, a number of investors recommended that the DMO should retain optionality on the maturity until closer to the time of the transaction. In addition, some investors mentioned possibly rescheduling a planned long conventional gilt auction in September to accommodate the syndication."

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