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FQ3 Supply: Highlights

GILTS

Green syndication:

  • The DMO has confirmed the second green gilt will have a 20-30 year maturity. We would favour a 2043 or 2052/53 maturity.
  • We look for the syndication to be the week before the half term school holiday and hence pencil in a date of 19 October.
  • The date has still to be confirmed other than "mid-late October".
New gilt via auction:
  • The only new gilt to launch via auction will be a 10-year launched on 17 November with a maturity of 31 January 2032.
Number of medium/long auctions confirmed
  • In line with MNI's expectation, there will be 5 medium auctions (4-5 proposed) and 7 long auctions (7-8 proposed).
Linker syndication:
  • The DMO has confirmed the date of the W/C 22 November.
  • The DMO has also stated the syndication will be for a linker with a maturity of 40-years or longer (but not confirmed if it will be a new or existing gilt).
  • The Nov-65 linker could potentially be reopened, or the curve could be extended with a 2071-2074 maturity linker.
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