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New 10-year 4.25% Jul-34 gilt

GILT SYNDICATION
  • The new 10-year 4.25% Jul-34 gilt is to be launched via syndication this week (MNI expects the transaction today).
  • The DMO’s issuance plan pencils in GBP8.5bln for the transaction, but we think there is a good chance that we see GBP10bln sold (or perhaps slightly even more).
  • In recent years the only similar maturity syndicated launches were a conventional 10-year gilt in May 2020 (the 0.375% Oct-30 gilt) during the height of the pandemic – that transaction saw GBP12bln sold with books of GBP82.6bln. There has also been the short 12-year 0.875% Jul-33 green gilt that was launched for GBP10bln in September 2021.
  • Other than that, the shortest-maturity launches via syndication in recent years have been of 15-year (or greater) maturities.
  • We expect to see very strong demand with books very likely to exceed the GBP91.5bln seen in April for the 30-year 4.375% Jul-54 gilt syndication tap.
  • The 4.25% Jul-34 gilt will be reopened twice via auction in FQ2: on 30 July and again on 11 September. We pencil in a Tuesday transaction.
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