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DMO likely happy with today's syndication result

GILTS
  • Given the recent moves in the gilt market, the DMO will likely be pretty happy with a deal size of GBP4.5bln and books over GBP30bln for today's 30-year green gilt syndication.
  • It's obviously very hard to pick the peak in long-end gilt yields (or in the 10s30s curve), but today's successful syndication will go some way towards alleviating some of the market's concerns.
  • The next big hurdle will be the first BOE active gilt sales operation on Monday, with results shortly after 14:45BST.

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