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GILT SYNDICATION: Record size, record book, but which bucket will be reduced?

GILT SYNDICATION
CEEMEABulletUKMarketsFixed Income Bullets

Putting that syndication size in context. It's the largest ever at GBP13bln.

  • Previous largest was GBP12.0bln in May 2020 (10-year). And larger than the GBP11.0bln sold in June 2024 (the previous 10-year).
  • It's also a record book size for a gilt syndication - the record being the GBP119.3bln for the 15-year syndication last month.
  • Question is now... There's only GBP1.2bln in the unallocated bucket. So where is the other GBP1.8bln coming from? Smaller medium-dated bucket could easily accommodate GBP1.0bln or so.
  • But will there be more taken from elsewhere or will this mean a much smaller auction next month of the gilt issued today?
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Putting that syndication size in context. It's the largest ever at GBP13bln.

  • Previous largest was GBP12.0bln in May 2020 (10-year). And larger than the GBP11.0bln sold in June 2024 (the previous 10-year).
  • It's also a record book size for a gilt syndication - the record being the GBP119.3bln for the 15-year syndication last month.
  • Question is now... There's only GBP1.2bln in the unallocated bucket. So where is the other GBP1.8bln coming from? Smaller medium-dated bucket could easily accommodate GBP1.0bln or so.
  • But will there be more taken from elsewhere or will this mean a much smaller auction next month of the gilt issued today?