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Free AccessSyndication delay? BOE active gilt sales due to start next Monday...
- We mentioned earlier in the week in our BOE Review (see here) that there was a chance that the green gilt syndication might get delayed if markets remained too volatile.
- This morning's gilt operations update from the DMO still has it planned for this week, but it's looking less likely they will want to be holding a syndication tomorrow given current market moves.
- Note that this would be a 30-year green gilt syndication - and the long-end of the curve has seen some particularly aggressive moves today.
- Thursday remains a possibility for the transaction, in our view, but it's going to be very dependent upon how gilt markets trade tomorrow.
- Next Monday is due to see the first BOE active gilt sales operation with GBP580mln of shorts on offer (3-7-year gilts). We noted yesterday that the Bank retains the right to cancel an operation for any reason up until the point the results are published (full comment here).
- We wouldn't expect any comment on active gilt sales from the BOE until Monday at the earliest - they will really want QT to kick off as planned.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.