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FQ2 Operations calendar: Linkers

UK DMO UPDATE
  • Syndication (W/C 8 July): A reopening of the 30-year 1.25% Nov-54 Linker as we had expected - this had also seen "virtually unanimous support" in the Consultation Minutes.
  • 0.75% Nov-33 linker: 2 auctions (as expected): 28 August, 24 September. However, we note that the outstanding amount of the 0.75% Nov-33 linker is already similar at a similar level to the 0.125% Aug-31 linker when the 0.75% Nov-33 linker was launched in June last year. So there is an increasing chance that we see a new long 10-year linker in FQ3.
  • 0.125% Mar-39 linker: 1 auction (as expected): 23 July.
  • 0.625% Mar-45 linker: 1 auction (as expected): 24 September.

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