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PREVIEW: New 25-year 0.875% Jan-46

GILT SYNDICATION
  • This week will see the first gilt syndication of the calendar year as the DMO launches the new 25-year 0.875% Jan-46. We pencil in tomorrow for the transaction and expect a size of GBP7-10bln.
  • This will be the sixth syndication of the fiscal year. In May, the 0.375% Oct-30 gilt was launched for GBP12.0bln and the 0.50% Oct-61 gilt for GBP7.0bln; in June the 0.625% Oct-50 gilt was launched for GBP9.0bln; in September the 0.625% Jul-35 gilt was launched for GBP8.0bln and the 0.50% Oct-61 gilt was re-opened for GBP6.5bln.
  • Syndicated book sizes this fiscal year have ranged from GBP49.6-82.6bln, with the most relevant the launch of the 0.625% Oct-50 gilt which saw a book size of GBP72.8bln.
  • While we may not see demand quite match this, we still expect strong demand. In terms of timing, books have remained open for just an hour in each of the syndications this year.
  • With the exception of the last syndication for which books opened at 9:00, books have opened at 8:30.
  • Sizes of the transactions have been set between 10:08-10:33 with pricing occurring between 12:38-13:21. The 0.875% Jan-46 gilt is not scheduled to be reopened again this fiscal year.
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