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Only (very minor) surprise in the FQ4 ops

GILTS
  • There was only one very minor surprise in the DMO's FQ4 operations - there will be no reopening via auction of the new 30-year gilt (due to be launched via syndication in January).
  • But we will see an auction of the 30-year 4.00% Oct-63 - the longest maturity gilt auction since 2021. We had thought we may have seen this via a tender rather than an auction.

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