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PREVIEW: New 30-year 4.375% Jul-54 Gilt

GILT SYNDICATION
  • The DMO will come to the market this week (most likely tomorrow) to launch its new 30-year 4.375% Jul-54 gilt via syndication.
  • There is GBP4.0bln remaining in the long syndication bucket and a further GBP2.5bln in the unallocated bucket. We therefore look for a GBP4-6bln transaction size.
  • The last 30-year gilt launched via syndication January last year, seeing GBP6.0bln sold from books of GBP68bln. In this fiscal year there have been three conventional syndications so far: GBP5.5bln of the new 40-year gilt in May (books of GBP54bln), a GBP5.0bln tap of the 40-year gilt in September (books of GBP59.3bln) and GBP7.0bln of the new 20-year gilt in November (books of GBP93.6bln).
  • Given the strong auctions so far this calendar year (every gilt auction has seen a bid-to-cover of at least 3.0x) and the very strong demand across the channel for EGB syndications – we would expect to see a smooth launch with a large book.
  • The 4.375% Jul-54 gilt is not scheduled to be reopened in the quarter but in the 30-year area, there is an auction of the 1.50% Jul-53 green gilt due on 6 February.
  • Bookrunners: Citi, Deutsche Bank, J.P. Morgan, NatWest Markets and Santander.
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