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PREVIEW: 3.75% Jan-38

GILT SYNDICATION
  • The DMO will come to the market this morning to hold a syndicated launch of the new long 15-year 3.75% Jan-38 gilt.
  • The DMO has a goal to issue four long conventional/green gilts via syndication in the 2022/23 fiscal year with a target of GBP18.0bln to be raised – so far two of these have been held, leaving a total of GBP12.5bln to be raised. With this in mind we expect a transaction size at this week’s syndication of GBP6-8bln.
  • The syndication will be a key test of pension fund demand with the long-dated segment of the market having settled somewhat over the past couple of weeks.
  • We note that there was no demand for any gilts with a maturity of greater than 15 years in yesterday's inaugural BOE medium dated active gilt sales, where 7-20 year gilts were on offer.
  • Timing: Books for UK syndications tend to open at either 8:30 or 9:00 with an update after 30 minutes, the spread set 45 minutes after books open and books generally remain open for an hour. Every syndication since 2020 has seen the size set between 9:50 and 10:37. Pricing is expected in the early afternoon (the last two years pricing has been between 12:10 and 13:21).
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