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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%
- 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)
- 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)