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Operations calendar: FQ3: Oct-Dec (1/3)

GILTS

Syndication

  • 1.50% Jul-53 green gilt: To be held the W/C 19 September (as MNI expected). Based on current market pricing we pencil in a nominal transaction size of GBP5.5bln (just under GBP4.0bln in cash terms), with the transaction likely in a GBP5.0-6.0bln range.
  • Linker syndication in second half of November: No new details really available for this other than it will be an existing of new long or ultra-long index-linked gilt. In the consultation, GEMMs suggested reopening 2039 or 2073 or new linkers in the 20/30-year areas. Investors discussed 2073 or a shorter, more index-neutral maturity e.g. 2039 or 2051. Both GEMMs and investors noted that it was too early to be too specific on the maturity yet. With the syndication penciled in for the second half of November, MNI expects the syndication to take place in either W/C 21 November or W/C 28 November.
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