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PREVIEW: 1.125% Oct-73 gilt

GILT SYNDICATION
  • The DMO is due to come to the market, likely today, to hold a syndicated tap of the 50-year 1.125% Oct-73 gilt.
  • This will be the first reopening of the gilt that was launched around 4 and a half months ago for GBP4.25bln nominal with books of GBP40.4bln.
  • Given that the DMO will be looking to sell GBP13bln across three long-dated syndications in the FY22/23, we look for a nominal size at this week’s syndication of GBP6-7bln.
  • Despite the recent large moves in gilt markets, we expect relatively strong demand at this week’s syndication, particularly from domestic pension funds.
  • Timing: Books on UK syndications usually open at 8:30 or 9:00 with an update30 minutes later, the spread set 45 minutes after books open and books close an hour after opening. For syndications over the past year, the size has been set 24-54 minutes after books close. Since the beginning of the FY2020/21, the price has been set between 12:10-13:21.
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