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Preview: New 0.125% Mar-51 linker

GILT SYNDICATION
  • 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 today (on a 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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