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BRENT TECHS

(N1) Falls Back Into Range

AUDUSD TECHS

Fresh Weekly Lows

WTI TECHS

(M1) Back Toward Week’s Lows

EURJPY TECHS

Needle Still Points North

BTP TECHS

(M1) Downtrend Accelerates

GILT TECHS

(M1) Key Support Zone Exposed

GILTS
GILTS: Longs FQ4 (Cont): Most GEMMs recommended 1 auction of the 1.75% Jan-49
(as we had expected) but there was also support for a new 2041 maturity gilt (we
now pencil this in as the other auction in FQ1). Investors offered a range of
options including the 1.75% Jan-49, 1.625% Oct-54, 1.75% Jul-57 and 1.625%
Oct-71.
- Linkers (3 auctions):
FQ4: There were wide calls from GEMMs and investors for the 0.125% Aug-28 linker
and the 0.125% Aug-48 linker as we had expected. Investors also favoured the
0.125% Nov-36 which was also mentioned by GEMMs as a possible auction. We had
expected calls for a new 15-year linker maturing in Aug-35 but this was not
reflected in the Minutes (it was suggested for today's syndication but dropped)
(unch exp).
- Syndication: 1.625% Oct-54 or 1.625% Oct-71 were the most popular choices
among both GEMMs and investors. February was the time of choice as expected.
- The gilts for the extra Dec auctions will be announced at 15:30 on Wed 20 Nov
and the fiscal Q4 auction schedule will be published at 7:30 on 29 Nov. (2/2)