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DMO to launch new 15-year gilt in September via syndication

GILT SYNDICATION
  • The DMO has announced it will launch a new long 15-year gilt maturing 31 January 2040 in the W/C 2 September.
  • The choice of the gilt was interesting from the DMO. There had been some "isolated" calls for this in the last investor / GEMM consultation back at the end of May - but most were divided between a new 25-year gilt or a tap of 30/40 year gilts.
  • As the gilt is a "long" 15-year, it will still count as a long syndication.- The last 15-year gilt launched via syndication (the 3.75% Jan-38 gilt) in November 2022 for GBP6.0bln with books of GBP47.1bln - also in the "long" bucket".
  • The 3.75% Jan-38 gilt saw a strong auction yesterday, with a bid-to-cover in excess of 3x and a tight tail of 0.1bp.
  • Given this wasn't fully expected, there could be a bit of weakness in the 15-year area of the curve (relative to 10/20-year areas) in early trading.
  • The timing for the syndication in the W/C 2 September is as we expected.
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