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FQ3 Operations calendar: Longs

UK DMO UPDATE
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

Longs: 1 syndication, 4 auctions

  • Syndication: The DMO has kept its options open and not committed to any specific gilt on offer. It has, however, increased the size of the long syndication programme by GBP2.0bln to GBP15.5bln (of which GBP6.3bln has been sold - so this is not unexpected). The size of the unallocated portion has been reduced from GBP11bln to GBP9bln.
  • 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).
  • 4.75% Oct-43: 2 auctions: 16 July, 6 August (we had expected 1-2).
  • 1.50% Jul-53 green gilt: No auction (as expected).
  • 4.375% Jul-54 gilt: 2 auctions: 24 July, 17 September (we had expected 1-2).
  • 4.00% Oct-63 gilt: Not being reopened (may be sold via syndication). We expected up to 1 auction (if not chosen for syndication).
  • 1.125% Oct-73 gilt: No auctions as expected. We don’t expect a formal auction of this gilt. There is potential for a tender of this gilt in the upcoming quarters.
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Longs: 1 syndication, 4 auctions

  • Syndication: The DMO has kept its options open and not committed to any specific gilt on offer. It has, however, increased the size of the long syndication programme by GBP2.0bln to GBP15.5bln (of which GBP6.3bln has been sold - so this is not unexpected). The size of the unallocated portion has been reduced from GBP11bln to GBP9bln.
  • 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).
  • 4.75% Oct-43: 2 auctions: 16 July, 6 August (we had expected 1-2).
  • 1.50% Jul-53 green gilt: No auction (as expected).
  • 4.375% Jul-54 gilt: 2 auctions: 24 July, 17 September (we had expected 1-2).
  • 4.00% Oct-63 gilt: Not being reopened (may be sold via syndication). We expected up to 1 auction (if not chosen for syndication).
  • 1.125% Oct-73 gilt: No auctions as expected. We don’t expect a formal auction of this gilt. There is potential for a tender of this gilt in the upcoming quarters.