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Issuance will kick off for the week on this...>

GILTS
GILTS: Issuance will kick off for the week on this morning with the syndicated
launch of the 0.625% Oct-50 gilt.
- When built up closer to benchmark size, this gilt will become the new 30-year
benchmark replacing the 1.75% Jan-49 gilt. This will be the third gilt to be
launched via syndication in a month. First, the 0.375% Oct-30 gilt was launched
for GBP12.0bln and then the 0.50% Oct-61 gilt was launched for GBP7.0bln.
- We expect a launch size of at least GBP6.0bln, with GBP7.0-8.0bln more likely.
- The joint bookrunners will be Barclays, Goldman Sachs, J.P. Morgan, Nomura and
Santander.
- The gilt will be on offer again via auction twice in July.

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