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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI: China CFETS Yuan Index Up 0.01% In Week of Nov 22
MNI: PBOC Net Injects CNY76.7 Bln via OMO Monday
Preview: New 0.125% Mar-51 linker
- This week the DMO will launch a new 30-year index-linked gilt with a coupon of 0.125% and maturity of March 2051. As usual, we would expect the syndication to take place on Tuesday.
- This will be only the second new index-linked gilt sold since July 2018 (following the launch of the 10-year 0.125% Aug-31 linker at the end of January). Furthermore, this is the first index-linked syndication to be held since November 2019 (with uncertainty from the RPI review reducing linker supply substantially). Indeed, the last syndication that saw a new linker launched was the previously mentioned July 2018 launch of the 0.125% Aug-41.
- We expect demand to be strong. With real yields a little below -2%, but without a recent linker syndication to benchmark from we look for anywhere between GBP2.0-4.0bln nominal to be sold.
- Timings: We note that the last two syndications have seen books open at 9:00GMT (rather than the 8:30 seen in the other syndications this fiscal year). There was then an update at 9:30 with the spread set at 9:45 before books closed at 10:00. The size tends to be set 30-60 minutes after books close (in the most recent two 33-35 minutes after close). Pricing then is usually between 12:30-13:20.
- Joint bookrunners: BofA Securities, Citi, Santander and UBS Investment Bank.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.