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GILT SYNDICATION: Todays linker transaction broadly in line with July tap so far

GILT SYNDICATION
CEEMEABulletUKMarketsFixed Income Bullets
  • Putting that gilt syndi into context, the tap in July saw a spread of +4.0bp (in line with today's) and orderbooks of GBP64.1bln (today we are GBP62bln with 15 mins to go).
  • The original launch back in March saw a spread of +1.5bp with books of GBP56.4bln.
  • So today's transaction is broadly in line with the July tap. That saw GBP4.5bln sold (whereas the launch GBP4.0bln sold). We continue to expect a GBP4.0-4.5bln size today.
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  • Putting that gilt syndi into context, the tap in July saw a spread of +4.0bp (in line with today's) and orderbooks of GBP64.1bln (today we are GBP62bln with 15 mins to go).
  • The original launch back in March saw a spread of +1.5bp with books of GBP56.4bln.
  • So today's transaction is broadly in line with the July tap. That saw GBP4.5bln sold (whereas the launch GBP4.0bln sold). We continue to expect a GBP4.0-4.5bln size today.