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PREVIEW: New 0.125% Mar-73 linker

GILT SYNDICATION
  • The DMO will come to the market this week (most likely today) to extend the linker curve with the long 51-year 0.125% Mar-73 index-linked gilt on offer via syndication.
  • The current longest maturity linker matures in March 2068 with a real yield of -2.41% at the time of writing.
  • The new linker would also have a longer maturity than the current longest-dated conventional gilt (which matures October 2071).
  • The DMO's gilt remit has no unallocated portion, and has GBP4.0bln cash set aside for this syndication.
  • Based on a real yield similar to the March 2068 linker, the price would be around 360 at launch which would suggest a nominal syndication size of around GBP1.1bln - although this would be a very small nominal size as far as UK syndications go.
  • For reference the recent linker syndications have seen the Mar-51 launched for GBP2.25bln nominal (GBP4.3bln cash) in February and the Mar-39 linker launched for GBP4.0bln nominal (GBP6.1bln cash) in May.
  • Timing: Books tend to open at either 08:30 or 09:00 UK time with the spread set 45 minutes later and the books closing an hour after opening. Sizes for all non-green transactions since April 2020 have been set between 09:50-10:35 with pricing between 12:22-13:21.
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